British pensions administrator Suffolk Life has rolled out a ‘bypass trust’ designed to help advisers and investors with inheritance tax (IHT) planning.
According to the company, by putting the funds in a bypass trust the IHT liability can be reduced when the beneficiary dies.
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Also, if investors nominate the trustees of Suffolk Life’s bypass trust as the recipient of their pension scheme death benefits, they could still access the fund without it being part of the beneficiaries’ estate for the purposes of inheritance tax.
Commenting on the launch, Greg Kingston, head of marketing and proposition at Suffolk Life, said: "Providing a bypass trust complements our range of Sipps and will provide a valuable option for those advisers looking beyond a pension as solely a vehicle for an individual’s retirement."
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By GlobalData
