Pension savings can now be passed on to any nominated individual to draw an income from, while remaining in a tax privileged pension wrapper.

Once a drawdown fund has been created for a nominated beneficiary, they can access the pot at any age, drawing as much or as little as they choose.

They can even nominate their own beneficiaries to inherit the pension pot on their death meaning a pension can now truly be passed down the generations.

This guide will explore how pension wealth can be cascaded down through a family, with fully flexible access, and without ever forming part of an estate until it is paid out.

Different options for passing on your pension are explored as well as the impact on these tax changes on the attractiveness of this wrapper versus other assets such as buy-to-let.

Supporting material produced by David Downie, technical consultancy manager of Standard Life, Gareth James, head of technical resources at AJ Bell, and Sandra Hogg, senior tax and financial planning manager of Scottish Widows.