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SIPPs and death
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limeburner
Posts: 17 Forumite
on death what happens to the benefits in a SIPP?
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If uncrystallised, the value is paid out to the nominated beneficiaries (subject to trustee approval - i.e. the trustee can overrule you if you say picked your misstriss to get the money instead of your wife and children). If crystallised, it can either be taken on by spouse or dependents or paid out subject to a tax deduction of 35% or an annuity purchased with the lump. SIPPs in phased retirement do a bit of both.
The rules for SIPPs are no different to stakeholder and personal pensions.I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0
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