Aspects of death

As we know, for many people the two largest assets that they will own will be their house and their pension fund. Both can be good investments, both can be used to generate income but it is on death where the similarity ends. A house is relatively easy to pass on as an inheritance - a pension is not! Before 1995 the only option available under most pension schemes was annuity purchase with its limited options to pass money on, namely guarantee periods and/or the provision of a spouse's pension. In 1995 income drawdown was introduced which meant that annuity purchase could be deferred to a...