The Government has announced that Police Officers and other emergency services workers who die in the line of duty will be exempt from inheritance tax.
The tax is usually paid on estates valued above the inheritance threshold (currently £325,000) when a person dies.
The Chancellor also announced that the inheritance tax threshold will remain at £325,000 until 2017-18.
What does this mean for members?
This is good news for serving Officers. While incidences of Officers killed in the line of duty are thankfully rare, if the worst happens their families should have more financial security and one less thing to worry about.
What is Police Mutual doing?
What this means is that we'll pay out 101% of the value of the plan for a Guaranteed Investment Bond, or 101% of the guaranteed minimum payout for a Regular Saving plan.
As a benefit of saving with us, you can nominate a person to receive any sum payable on your death, up to a maximum of £5,000 in total. A nomination is effective for the plans you hold with us and means that the money will be available straight away.
Should the worst happen, the money goes directly to the nominee and can speed up access to money for your loved ones to help with any immediate expenses they may face at the time.
Did you know…?
Filling in a nomination form is quick and easy to do, but over half of Police Mutual members still haven't completed one.
If you want to make a nomination or check an existing nomination, you can call our friendly team on 0845 8822 999.comments powered by Disqus