New pension product launched by Zurich

A new pension trust product has been launched by Zurich as part of its range aimed at people planning for the future of their financial assets.

The Pension Discretionary Trust allows investors to ensure that benefits are paid to their family two years after their death, without being liable to inheritance tax.

Control over how an estate is to be divided up can offer pensioners peace of mind and the pension trust is described by its operator as being a flexible and easy way for a family to plan for the future.

"Individual pension trusts are an important retirement planning area for financial advisers and Zurich is pleased to support this expanding market with innovative solutions," said Dave Lowe, pensions management director at Zurich.

Meanwhile, Friends Provident recently reported that people saving for retirement in the UK want to see more of a commitment from government in terms of pension funding.