Most people are unlikely to spend less of - or save more into - their pension as a direct result of the removal of the "punitive" 55% ‘death tax' earlier this month, according to research.
A poll of more than 1,000 people aged 50 or over in defined contribution (DC) pensions found only 5% believe they would change their behaviours knowing their beneficiaries would inherit more from their savings. The YouGov poll commissioned by provider Zurich found that, though 79% valued the reforms, more than half - 55% - said they would have no effect on how they spend or save in retirement. From 6 April, the 55% tax rate applied to pension pots left by savers under 75 to their family was scrapped. For savers over 75, it was reduced to 45%. > Read: Are 'death tax' changes a job h...
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