Family Wealth Planning Course  

Guide to pensions and family wealth planning

  • Describe some of the challenges around using pensions to pass wealth down the family
  • Explain some of the rules on tax
  • Identify the significance of expression of wishes forms
CPD
Approx.60min
Guide to pensions and family wealth planning

Introduction

By Melanie Tringham

Pensions are for many a substantial asset, and many may be asking if they can access it to help their family, either with life events or help with normal expenditure.

Some may be wondering about reducing their pension contributions, or wondering what to do if they are pushed into a higher income band.

Pensions come with complex tax rules, so it is important to be mindful when making one's financial decisions. Here we look at some of the options.

This guide is worth 60 minutes of CPD.

In this guide

CPD
Approx.60min

Please answer the six multiple choice questions below in order to bank your CPD. Multiple attempts are available until all questions are correctly answered.

  1. According to the first article, third-party pension contributions can be a way of helping to subsidise family pension savings, true or false?

  2. According to the second article, pension contributions after 75 still attract tax relief, true or false?

  3. Which of the following allows you to make gifts out of 'tax-free cash' from one's pension and remain tax-free?

  4. According to the third article, how can a basic rate taxpayer avoid a heavier income tax deduction if they get a pay rise that pushes them into the higher rate tax bracket?

  5. Submitting tax return early means one can get back overpayments earlier rather than later, true or false?

  6. An expression of wishes form is binding on trustees, true or false?

Nearly There…

You have successfully answered all the questions correctly, well done!

You should now know…

  • Describe some of the challenges around using pensions to pass wealth down the family
  • Explain some of the rules on tax
  • Identify the significance of expression of wishes forms

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