Nigel welcomed announcements made by the Chancellor, the Rt Hon George Osborne MP, during his speech at Conservative Party Conference where he announced that from April 2015 people will be able to pass on their pension tax-free. From April 2015, when someone who is 75 or over dies, beneficiaries will only pay their marginal tax rate when they draw down income, as they would with any pension and if they are under 75 there will be no tax to pay at all.
Speaking from Conservative Party Conference in Birmingham Mr Evans said “Backing savers is a key part of the Conservative Party’s long term economic plan to build a stronger economy and secure Britain’s future and today’s announcement by the Chancellor is an excellent example of it.
We need to put in as many incentives as possible for people to save for their retirement and the removal of this tax will help towards that aim. I will welcome it along with any other measure that is introduced to help pensioners and their families, who have paid tax for decades before their retirement and desire to rest assured that their savings will be protected for their families.
Freedom for people’s pensions, a pension tax abolished, and passing on your pension tax-free: these all mean people who have worked and saved all their lives will have the financial independence and security to enjoy their retirement, and be able to pass more on to their children and grandchildren.”