As it stands, pensions can only be passed to a spouse or to a dependent who is under the age of 23. For those who are not wholly dependent on personal pension income (e.g. those with sufficient NHS pension income) this could prove to be a valuable tax break.
Pension adviser, Jon Drysdale, says: “Dentists retiring within the next 10 years will be largely unaffected by changes to the NHS pension planned for 2015. As a result they will be more likely to leave personal pensions untouched to pass to the next generation. This is a welcome development given that many dentists are now affected by the reduction to lifetime pension limits earlier in the year.”