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When George Osborne dropped his Pension Freedom bombshell in his now infamous 2014 budget I was on maternity leave.

As the saying goes, nothing is certain except death and taxes. When you put the two together you get inheritance tax (IHT) and in my experience of the pension world the subject of IHT is also certain to come up on a regular basis – I’ve had two queries on the subject in the last two days.

Over the last few months, we’ve seen several announcements of big changes to income tax.

As the England cricket team play their last home test series of the summer, I am reminded of a term popularised by the former England batsman Geoffrey Boycott.

Back in its Financial Advice Market Review of 2016, the FCA recommended the Treasury should challenge the industry to make a Pensions Dashboard available to consumers by 2019. Even then the concept of a dashboard wasn’t new – the recommendation was made due to the limited progress that had been made to date.

As we near the end of the year and look forward to 2025, it’s difficult not to reflect on the year to date. 2024 presented new challenges for the pension industry, most notably in respect of the implementation of the lifetime allowance abolishment and more recently, the announcement that from 2027, ‘unused’ pension benefits will be subject to inheritance tax.

  1. Martin Tilley: Auto-enrolment reforms need momentum
  2. Martin Tilley: FCA must grapple growth v regulation question
  3. Martin Tilley: How education can tackle pension scams
  4. Tilley: Is the age 75 trigger date now irrelevant?

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