Latest Blogs
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Tilley: Pensions Commission must push reform...and quickly
Recent news of the revival of a Pensions Commission was music to my ears.
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Lisa Webster: Till pensions do us part
There have been some fluctuations in recent years but overall divorce rates in the UK have been in decline since the 1990s.
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Tilley: Let’s end the SIPP vs SSAS debate for good
As you might know from my previous columns on SIPPs Professional, I am, and have been for some time, a huge advocate for Small Self-Administered Schemes (SSAS).
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Lisa Webster: Pre-Budget withdrawals are spiking again
Ever since “tax-free cash” changed its official name to “pension commencement lump sum” back in 2006 there have been pre-Budget rumours that it was going to change – and not for the better.
Popular News
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AMPS reappoints Debbie Seaton as chair
The Association of Member-Directed Pension Schemes (AMPS), a trade body for SIPP and SSAS providers, has reappointed Debbie Seaton of Seabridge SSAS as its chair.
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Nest abandoned by 10m workers
Less than a third of members of the Nest Pension scheme are paying into their retirement pots, according to new data released under an FOI request.
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Mattioli Woods founder and CEO to step into new role
Ian Mattioli, founder of wealth manager and SIPP provider Mattioli Woods, is to step down as CEO to take up a new role as Founding President.
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FSCS cuts levy forecast as SIPP claims dip
FSCS chief executive Martyn Beauchamp has forecast that the Financial Services Compensation Scheme levy, paid by regulated firms, will fall in the FSCS 2026/27 funding year.
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Lisa Webster: IHT and pensions headaches and liabilities
Back in July, HMRC announced a proposed change in responsibility for paying inheritance tax (IHT) relating to pensions when they are included in estates from 6 April 2027.
Wealth manager trade body Pimfa has called for a clear tax road map to stem the tide of people accessing their tax-free pension cash because of speculation and headlines.
Group revenues more than doubled to £6m for InvestAcc for the six months ended 30 June (H2 2024: £2.5m).
Aviva, L&G and Standard Life have pledged their support to the first national Annuity Day, due to take place on 21 October.
Almost a fifth, 17%, of UK adults aged 55 or over, have never checked their pension, according to new research.
The proportion of savers accessing a pension for the first time using regulated advice has fallen to less than a third according to the latest FCA figures.
Inheritance tax receipts climbed £200m rising 5.7% in the three months to the end of August, new HMRC data published today revealed.
For April to August IHT receipts were £3.7bn.
That keeps the figure on target to be another record-breaking IHT year, with the OBR’s most recent forecast, predicting IHT will generate £9.1bn for the Treasury in 2025/26.
Last year’s record-breaking year of IHT receipts saw £8.2bn collected through the tax.
Jonathan Halberda, specialist financial adviser at Wesleyan Financial Services, said: “With the Autumn Budget looming, another rise in IHT receipts adds to the pressure on families already bracing for change.
“We’re seeing growing panic, with clients eyeing drastic steps like withdrawing pensions early in a bid to stay ahead of possible tax bills. But these knee-jerk moves can backfire, triggering bigger tax bills or long-term financial pain.”
Ian Dyall, head of estate planning at Evelyn Partners, said: "The continued rise in inheritance tax receipts is the result of ‘fiscal drag’, with a long-standing freeze on the IHT nil-rate bands spanning a period when asset prices have risen. With the NRBs frozen until 2030, raised property values and investment assets are drawing more families into the IHT net—often without them realising it.
“This is before the changes to IHT reliefs announced at the 2024 Budget have come into force – changes that are already reshaping estate planning.”
He warned: "The rise in receipts is not just a fiscal story, it’s a wake-up call. Many households are sleepwalking into substantial tax bills.”
Monthly IHT receipts. source: HMRC
Stephen Lowe, director at retirement specialist Just Group, said: “As the Chancellor continues to feel the fiscal pressure, and having ruled out hikes on major taxes, she will want to explore all her options to raise revenue. Given inheritance tax targets those who are wealthiest in society it’s entirely possible that it will once more be in the Chancellor’s sights.”
Nicholas Hyett, investment manager at Wealth Club said: “As things stand inheritance tax may only affect around 1 in 20 estates, but that number is on the increase as an ever greater number of estates become liable for the most hated of taxes. Years of freezes in thresholds, matched with increasing house prices and rising inflation have pushed more families, who might not consider themselves to be wealthy and would not historically have qualified for the tax, over the threshold.”
The current inheritance tax allowance has been frozen at £325,000 for 16 years, and remains frozen until 2030. The £175,000 residence nil rate band hasn’t changed since 2020.