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The charges that arise on bypass trusts.
KEY POINTS
- Advantages of bypass trusts as a means of holding lump sum death benefits from a pension scheme.
- Inheritance tax treatment of bypass trusts.
- Different treatment of an integrated bypass trust.
- Credit may be available for the special lump sum death benefit charge.
For some years bypass trusts have been used as a means of holding lump sum death benefits from a pension scheme. The bypass trust has two advantages:
- it enables third-party trustees chosen by the member to decide who benefits from the fund at a later date. These trustees are likely to be more familiar with the member’s circumstances than the pension scheme trustees and they can be guided by a letter of wishes from the member; and
- the lump sum...
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