Individuals may have personal pensions that give rise to tax implications. For example, what will the inheritance tax liabilities be on the subsequent death of a spouse who received the member's pension pot on death?
In some cases, it may be appropriate to have a suitable declaration of trust drawn up for death benefits. Such steps should, of course, be tailored to fit in with other estate planning measures that the personal pension scheme member and his or her spouse might be putting in place.