- Any remaining funds can be passed on to successors. The beneficiary can nominate these successors when they inherit the SIPP.
The tax treatment will depend on the beneficiary’s age at death, and not the original holder.
- If the original beneficiary died under the age of 75 and their successor claims in 2 years from death, no tax is due.
- If the original beneficiary died over the age of 75, the benefits are taxable to the successor.
- If the successors do not claim within 2 years of the original beneficiary's death, then they are subject to pay income tax.