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Inheritance tax planning

A plan for your life.
A perspective on your legacy.

The wealth you have built matters to you and the people you care about. Estate planning should also leave room for your own future needs.

The changing picture

Pensions and your estate.
A closer connection.

Retirement planning and inheritance tax planning should be considered together. A decision about one can affect the other.

6 April 2027

What changes?

For deaths on or after 6 April 2027 most unused pension funds and pension death benefits will be included when valuing an estate for inheritance tax.

This could increase the taxable estate for some households. It does not mean every pension will be taxed or every family will face an inheritance tax bill.

Exemptions and exclusions remain relevant. The outcome depends on your assets and pension benefits as well as available allowances and who inherits.

Read HMRC’s information on the pension changes. Information checked on 8 October 2026.

A considered review

Look at the whole picture
before making a change.

Understand the implications before changing how you save or draw on your wealth.

Your own future

Keep your income needs and access to money at the centre of the plan. Passing on wealth should not come at the expense of the life you need to fund.

Your family

Consider who you want to benefit and how existing arrangements fit those wishes. Family circumstances can be as important as the financial figures.

Your wider estate

Look at your pensions alongside property and other assets. Review how those arrangements work together rather than treating each in isolation.

Understand the trade-offs

Changing withdrawals or making gifts can affect your tax position and the money available for your own needs. A review does not automatically mean a change is right for you.

Tax treatment depends on individual circumstances and may change. Tax and estate planning are not regulated by the Financial Conduct Authority. Any regulated investment or insurance advice is provided within the scope of our permissions. Legal or specialist tax matters may need advice from a solicitor or tax adviser.