Latest Blogs
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Tilley: Will IHT reforms really threaten pension saving?
The Government’s decision to bring most unused pension funds and lump sum death benefits within the scope of inheritance tax (IHT) from 6 April 2027 has provoked widespread criticism from across the pensions industry. Providers, advisers and trade bodies have warned that the change risks undermining confidence in pension saving and damaging long term retirement provision.
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Lisa Webster: Salary sacrifice cap will hit some hard
The headline story from Budget 2025 - in the pension world at least - was the plan to cap National Insurance relief for pension contributions paid through salary sacrifice at £2,000 a year.
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Tilley: Rebooting the FOS makes sense
I’ve written before about the lack of coherence in the UK’s pension complaints landscape and it remains a source of real frustration for those of us working in the sector.
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Lisa Webster: Pension age uncertainty lingers on
We’ve known for many years that normal minimum pension age, NMPA it's known, is going up.
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Lisa Webster: Beware IHT and pensions double taxation
One of the most disliked aspects of bringing pensions into the estate for inheritance tax (IHT) purposes from 6 April 2027 is the double taxation that will occur when the member dies on or after their 75th birthday.
Popular News
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Pension professionals concerned about dashboard handling
Pension professionals are concerned about the industry’s capacity to handle Pensions Dashboards queries.
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Aptia acquires Mercer’s Pension Decision Service
Pensions administrator Aptia has acquired Pension Decision Service from Mercer for an undisclosed amount.
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Pensions industry urged to protect savers from scams
Fraud Minister Lord Hanson has urged pension trustees to do all they can to protect millions of scheme members from fraudsters.
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FCA survey reveals 15% fall in adviser firms
The number of adviser firms has fallen by 15% since 2021 although the number of advisers overall has remained steady at 31,000.
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Lisa Webster: Beware IHT and pensions double taxation
One of the most disliked aspects of bringing pensions into the estate for inheritance tax (IHT) purposes from 6 April 2027 is the double taxation that will occur when the member dies on or after their 75th birthday.
The ABI is concerned that half of fully withdrawn pension pots are not spent but shifted into other savings and investments which the ABI says could mean consumers paying too much tax and also missing out on compound investment growth.
It fears some consumers are blundering due to lack of long term planning and engagement with their retirement options.
The trade body’s plan is contained in a new report, Interventions in the Retirement Market, which outlines a series of measures the financial provider trade body wants to see.
The ABI says that three years on from the dawn of pension flexibility reforms under the Pension Freedom changes, it is “stepping up” efforts to ensure that consumers are getting the best out of their retirement.
The ABI’s five point plan promotes active consumer engagement – empowering consumers to make their own, well-informed decisions through improved communications and use of guidance.
The five interventions the ABI wants to see are:
• Intervention 1: Tailored and phased customer communications throughout a saver’s life
• Intervention 2: Creating the mid-life MOT
• Intervention 3: Prompting more people to use guidance
• Intervention 4: Making the retirement risk warnings fit for purpose
• Intervention 5: Improvements to communications once someone has retired
Rob Yuille, head of retirement policy at the ABI, said: "Pension freedoms put more power into the hands of consumers, but this flexibility also increased the complexity and risks that consumers face.
“Our recommendations are for interventions that will transform the way people interact with their pension pots and help people navigate their choices. We’re calling on a number of stakeholders today to help us to deliver the practical steps needed to make these interventions happen.”