George Osborne to axe 55% pensions death tax next year

From April 2015, if a pension saver dies aged over 75, beneficiaries will receive the funds free of tax if they keep them in a pension. If they draw the pension, they will pay their marginal rate of tax. If the person who dies is under 75 there will be no tax. The measure was unveiled by the Chancellor at the Conservative Party conference in Birmingham. It was originally due to be announced at the Autumn Statement on 3 December. Pensions expert Ros Altmann said the move represented a further blow to annuities, but was positive for most savers. "This is good news for ordinary sav...