Pension Term Assurance

Pension Term Assurance

Quick Facts About Pension Term Assurance:
    •    It is only offered in the United Kingdom
    •    It is no longer offers tax advantages
    •    It is basically term life insurance that offers premiums that attract tax relief
    •    It uses up a portion of persons tax allowance for a personal pension plan
    •    Pension Term Assurance pays a lump sum in the event of death within a specified period of time
    •    Premiums can be paid monthly or in some cases annually

Important Changes In Pension Term Assurance

Pension term assurance had been available for several years, it  became much more popular when changes were made to pension legislation on "A Day", April 6th, 2006.  The changes made this type of insurance ultimately less expensive.

December 6th, 2006 another change was made that put an end to pension term assurance.  Pension term assurance statements made before this date are not effected