A FINANCIAL advisor from Northwich is pleased to see pension plans on the Government's agenda.

Chancellor of the Exchequer George Osborne has announced changes which will enable a pension to be passed from generation to generation – something Clive Steggel has been urging for more than 20 years.

Clive, from CRS Consultants, in Dane Street, said: "The passing on of the crystallised pot to the next generation and form 'their pension pot' is a campaign that I have been shouting about for years.

"More recently though our local MP Graham Evans and I have had meetings on this and also had lengthy correspondence with the Treasury. "

He explained that the majority of people draw down a mixture of tax free cash and taxable income from their pension at retirement and their spouse can continue that if the pension holder dies.

Under Government plans, from April 2015 if there is no spouse then the amount left in the crystallised pot can be nominated to go to anyone else.

Clive said: "If then the deceased is over 75 then this will be taxed as income received and taxed when being drawn out at that person income taxed rate, just like the original person who set the scheme up. "If the deceased is under 75 then there would not be a tax liability.

"This therefore can be used for future generation pension and inheritance planning."