Key facts
- Lloyds Bank defined benefit pension scheme members are concerned about inheritance tax.
- The concern is related to the impact of new inheritance tax rules on pensions.
Defined benefit pension schemes, often referred to as final salary pensions, provide a guaranteed income for life based on an employee's salary and years of service. Changes in tax legislation, particularly concerning inheritance tax, can create uncertainty for beneficiaries regarding the value and transferability of these assets upon death.
