However, pensions are usually free of IHT but the value of this tax break was previously limited by the lifetime allowance. Its abolition makes this an almost unlimited option. Instead beneficiaries are taxed on the pension they inherit as they would be for other types of income. For non or low earners, this could mean a pension is passed on entirely free of tax.
So the pension fund (not an annuity, obvs) becomes sorta a permanent trust then? Paying out an income down the generations?