Comment and Blogs
Following the changes introduced in the 2023 Budget, there has been some focus on how the death benefit rules might change.
Read more: Charlene Horton: How pensions can fund charitable giving
Last year, a whirlwind of change hit the pensions industry as schemes and advisers raced to prepare for the removal of the lifetime allowance, while HMRC staff scratched their heads over exactly how it could be done before the end of tax year deadline, writes Beth Joslyn, of AJ Bell (standing in for Lisa Webster who is on holiday).
I have recently returned from nearly two months away from anything to do with pensions (well, aside from deciding I need a bigger fund to spend more time in all the places we visited, once we don’t have the kids in tow!).
Read more: Lisa Webster: A lifetime's wait but a fix is in sight
As the year draws to a close it seems appropriate to keep with tradition and reflect on what has happened in a defining year for pension tax rules.
Read more: Lisa Webster: 2024 – a tumultuous year in pensions
From a pensions point of view the biggest news from the Budget was undoubtedly the fact that from 6 April 2027, pensions will fall into the deceased’s estate and therefore be liable for inheritance tax.
Read more: Lisa Webster: A thorny question of pensions and IHT
As you will be well aware, from 6 April 2027 HMRC plan to include pensions in the deceased’s estate when it comes to assessing the value for inheritance tax.