The death benefits described here are:

the defined benefit lump sum;

the uncrystallised fund lump sum;

the pension protection lump sum;

the annuity protection lump sum;

the drawdown lump sum;

the charity lump sum;

the triviality lump sum; and

the life cover lump sum.

The Taxation of Pensions Act 2014 (amended by the Finance (No. 2) Act 2015) radically changed the taxation of death benefit lump sums and attitudes to pension funds as part of the estate. The relevance of inheritance tax is described in Chapter 10.

Law: ToPA 2014, s. 3 and Sch. 2; F(No. 2)A 2015, Pt. 4

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