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Look after the pension fund

26 June 2014
Issue: 4458 / Categories: Tax cases , Inheritance Tax

RWJ Parry, HFA Piney and SA Staveley (TC3548)

The three appellants were the personal representatives of the deceased Mrs S two of whom were also her sons and beneficiaries.

As part of her divorce settlement in 2000 Mrs S gave up her job in her ex-husband’s company and received her share of the pension scheme.

She was advised that her only option was to have her fund transferred into a FA 1981 s 32 buyout policy which gave her freedom to invest the fund as she chose – but surplus would be returned to the company on her death.

Mrs S was unhappy about the arrangement and wanted to ensure surplus would benefit her or her sons but she was told she had to wait ten years before the fund could be transferred into a personal pension plan.

Changes in law in April 2006 led to Mrs S’s adviser telling her she...

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