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Workplace Pensions: Inheritance Tax

Asked by Mr Richard HoldenConservativeTreasuryTabled Answered 9 January 2025UIN 21386

The question

To ask the Chancellor of the Exchequer, pursuant to the Answer of 22 November 2024 to Question 14298 on Workplace Pensions: Inheritance Tax, whether the pension scheme established under The Pensions Increase (Pension Scheme for Keir Starmer QC) Regulations 2013 is UK registered.

Answered by James Murray

The pension scheme referred to is an unregistered UK statutory defined benefit scheme, with terms akin to those of the Judicial Pensions and Retirement Act 1993 (JUPRA). Defined benefit schemes do not have a dedicated fund which can be inherited as defined contribution schemes do. Lump sum death benefits under the pension scheme referred to, which are received after the member is no longer in service, are already subject to inheritance tax.

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