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What options do the beneficiaries of my pension have?

The beneficiaries of your pension can choose to take the money as a lump sum payment, keep the money within a pension to withdraw later, or use the money to purchase an annuity. When the beneficiary of a pension becomes entitled to the money we let them know what options they have when accessing the funds.

Usually if the pension holder passed away before age 75, payments to the beneficiaries are free of income tax. If the pension holder was 75 or over when they passed away any payments to the beneficiaries would be subject to income tax at their marginal rate.