Government U Turn again disappoints the Industry

The Chancellor's Pre Budget Report yesterday announced significant amendments to the terms applying to Alternatively Secured Pension and an increase on the tax take by the Treasury on second death of a member and spouse post age 75.

In addition, it was announced that the Government would also introduce measures to prevent other pension options, such as Scheme Pension, being used to pass on tax favoured pension savings for the benefit of others on death. Further details on the latter are awaited and additional information will be published as it becomes known.