If you die, the funds in your SIPP can be passed on to your beneficiaries in a tax-efficient way. Here’s how it works:
If you die before age 75: Your SIPP can be inherited tax-free, either as a lump sum or an income. The only requirement is for the beneficiaries to take action within two years of the death date.
If you die after age 75: Your beneficiaries can still inherit your SIPP, but they will pay income tax on any withdrawals at their marginal tax rate.
You can nominate one or more beneficiaries to receive your SIPP. You can do this either in the app during the creation of your pension account, or at a later step by contacting our support agents.