Pension IHT Reforms - Planning, Pitfalls & Potential Disputes

Introduction

The UK’s private client landscape has undergone significant change in recent years, with political, economic and legislative developments reshaping the way inherited wealth is managed and passed between generations. For practitioners advising clients on succession and estate planning, one of the most significant changes is the forthcoming reform of the inheritance tax treatment of pensions.

In the Autumn Budget 2024, the Government announced plans to bring unused pension funds and certain pension death benefits within the scope of inheritance tax from 6 April 2027. This represents a fundamental change to the way pension wealth will be treated on death, with important implications not only for estate administration but also for the lifetime advice given to clients seeking to preserve and pass on wealth efficiently.

With an estimated £5 trillion expected to be transferred to younger generations over the next 30 years, understanding how pension wealth fits into wider succession planning has never been more important. The reforms will require practitioners to reconsider established approaches and identify the potential tax, planning and practical issues that may arise as the new rules take effect.

This new virtual classroom seminar will provide a practical examination of the forthcoming pension IHT reforms, exploring what is changing, who will be affected and what the changes mean for lifetime planning and estate administration. It will also consider the potential challenges and opportunities for practitioners advising clients as one of the UK’s largest intergenerational transfers of wealth begins to take place.

What You Will Learn

This live and interactive session will cover the following:

• A changing landscape - the key developments reshaping inheritance tax and succession planning
• The great wealth transfer - what the intergenerational transfer of wealth means for practitioners and their clients
• Autumn Budget 2024 & 2025 - a summary of the key inheritance tax and pension-related changes
• Pension pots & death benefits - understanding the current and future inheritance tax treatment
• Current inheritance tax rules
• Changes taking effect from 6 April 2027
• Practical implications for estate administration
• Estate & tax planning - the potential impact of the reforms on lifetime planning and wealth succession
• Potential issues & disputes - identifying the challenges and disputes that may arise from the new pension rules
• What comes next? - other developments and potential changes practitioners should be watching for

Recording of live sessions: Soon after the Learn Live session has taken place you will be able to go back and access the recording - should you wish to revisit the material discussed.