However, on death after 75, any remaining pension fund will be taxed as the beneficiary’s income when drawn. 

There won’t be any possibility of a lifetime allowance charge as the fund incurs its final lifetime allowance test on the member’s 75th birthday, with any tax charge due paid then. 

This effectively means that any tax-free cash that hasn’t been taken on death after age 75 is lost, as it will be taxed as income in the hands of their beneficiary. 

Unless your clients really have something specific to spend the money on, why not leave the money in the pension to allow it to keep growing in the long-term?

Inevitably, these decisions are entirely dependent on savers' personal circumstances and preferences.

To find out more about their options, people should consult a qualified financial adviser.

Tamlin Russell is technical product adviser at LV