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A new direction: Pensions and inheritance tax

The proposal to include unused pensions within the value of an estate for inheritance tax (IHT) purposes from April 2027 is having a profound impact on retirement planning. The long established strategy of preserving pensions and using other assets to fund retirement may be fundamentally undermined. Instead, pensions could increasingly become the first source of retirement income. Although the right approach will always depend on individual circumstances, retirement and estate planning will inevitably become more complex. The changes present an opportunity to review client retirement planning and financial objectives and to plan and act in advance.

This guide explores how advisers can help clients mitigate inheritance tax exposure by adopting a holistic approach across all assets. It examines practical options now and in the future, while reinforcing the continued value of pensions in retirement planning.

Planning opportunities

We share some of the key discussion areas which may be suitable for your client conversations now and after April 2027 when these changes come into effect.

Does saving into a pension still make sense?

The current focus on inheritance tax changes, bringing unused pensions into consideration, has been largely negative. But it is important to remind ourselves of the benefits of tax relief on pension contributions and the availability of tax–free cash at retirement.

Inheritance tax – Give while you live

From April 2027, unused pensions are being brought into scope for inheritance tax calculations. This may shift the traditional ways of using assets to generate retirement income. 'Gifts out of surplus income' may be considered as an effective way of passing on wealth.

Are your clients’ Expression of Wish forms ready for the 2027 IHT shift?

Having an up-to-date Expression of Wish form is vital when it comes to succession planning. However, this is often not the case.

New retirement income approaches gaining in popularity

Drawdown has largely been acknowledged as the ‘winner’ in terms of product since the introduction of pension freedoms. However, as revealed in AKG’s latest industry research paper, this may now be changing.

Rewriting the rules: pensions and inheritance tax

The conventional wisdom for clients with significant assets has traditionally been to leave the pension untouched and use other assets for income.

The plans to make unused pensions part of an estate, and therefore subject to inheritance tax on death, has a significant impact on retirement planning. This report provides a guide on inheritance tax rules for assets, gifts, trusts, pensions and other financial planning aspects. 

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Download client guide

Important information

This information and is only intended to provide an overview of the current law in this area and does not constitute financial advice, tax advice or legal advice, or provide any recommendations. The value of benefits depends on individual circumstances. The minimum age clients can normally access their pension savings is currently 55, and is due to rise to 57 on 6 April 2028, unless they have a lower protected pension age. Different options may have different effects for tax purposes, different implications for pension provision and different impacts on other assets and financial planning.

Issued by Financial Administration Services Limited, authorised and regulated by the Financial Conduct Authority. Fidelity, Fidelity International, the Fidelity International logo and F symbol are trademarks of FIL Limited.

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