What happens if I die and have not taken benefits from my Vantage SIPP?
- Your fund would normally be paid to a beneficiary as a tax free lump sum.
- When you open a Vantage SIPP, we ask you to complete a Nomination of Benefits form which allows you to nominate who you would like us to pay your SIPP to when you die.
- This is not legally binding, but gives us an indication of your wishes.
- This can be changed by you at any point.
- If you die after age 75, having not taken benefits, your pension fund can be passed on to your beneficiaries as a lump sum minus a 55% tax charge. Alternatively your spouse or dependent can receive an income. There is no initial tax charge but any income would be subject to income tax.
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Before applying, please understand the risks and features of the Vantage SIPP.