We all hope to enjoy the fruits of our labour in retirement having spent our working lives paying into the pension pot.
Few of us take any action to protect our family nest egg from the clutches of the taxman should we pass away prematurely.
This is partly because no-one likes to think they might die before their time or considers the implications this may have for the loved-ones left behind. In addition, most people think their pension plans “belong“ to them. But for tax and estate planning purposes they don’t - they are owned by trustees.