Budget: ASPs are subject to IHT

Details of the Regulatory Impact Assessment for the simplifying of pensions taxation reveal "the rules for scheme members under age 75 will work largely as they do pre A-Day". As a result, any pension scheme member with an alternatively secured pension (ASP) will find beneficiaries face IHT on the fund, except where exemptions are made in relation to charity allocations and financial dependents. Budget papers say the present rules will continue to apply to registered pension schemes in much the same way as they do currently for members aged below 75 in income drawdown or deferred pension...