The better QROPS Pension Transfer schemes ensure that all remaining assets upon your death are distributed to your named beneficiaries.
Again, many tax and estate planning opportunities exist and should be discussed with a financial adviser.
- Options available upon death should include are:
- An annuity to spouse or dependants.
- Payment of the proceeds of your plan to a new plan for Named Beneficiary(ies).
- Retention of your plan for a distribution at a predefined date or future event (within 2 years of your death).
- Winding up of your plan and payment into your estate.
- Winding up of your plan and payment directly to Named Beneficiaries.
- You should easily be able to amend your succession instructions.
- Annuities are not purchased from Life Assurance companies. Thus, on death all remaining assets in the QROPS Pension Transfer are returned to your plan for distribution in line with your wishes.