Tax Free Annuity on Death Before Age 75 – Evens Up The Field When Comparing Flexible Pension Drawdown – what the autumn budget statement really means for you…(read more)

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The Autumn Statement, released in December 2014, brought with it some exciting news for married couples and those in civil partnerships. In a bid to help couples save more for their retirement, the government is introducing a new tax-free spouse pension annuity.

The tax-free spouse pension annuity will allow married couples to transfer their pension savings from one partner to the other, free from any tax liability. This will allow couples to share their pension savings more equally, and benefit from the tax-free status of the transferred funds.

The government has also announced a number of other measures to help couples save for their retirement. These include an increase in the Lifetime Allowance (LTA) from £1.25 million to £1.5 million, and an increase in the annual allowance (AA) from £40,000 to £50,000. This will allow couples to save more for their retirement and benefit from the tax relief available on their contributions.

The tax-free spouse pension annuity is a welcome move by the government, as it will help married couples to save more for their retirement. It will also help to reduce the tax burden on those who are already saving for their retirement, as they will no longer have to pay tax on the transferred pension funds.

Overall, the Autumn Statement has brought some good news for married couples and those in civil partnerships. The tax-free spouse pension annuity will help couples to save more for their retirement, and the increased Lifetime Allowance and Annual Allowance will also help to reduce the tax burden on those who are already saving for their retirement.