Comment and Blogs
I have recently returned from nearly two months away from anything to do with pensions (well, aside from deciding I need a bigger fund to spend more time in all the places we visited, once we don’t have the kids in tow!).
Read more: Lisa Webster: A lifetime's wait but a fix is in sight
From a pensions point of view the biggest news from the Budget was undoubtedly the fact that from 6 April 2027, pensions will fall into the deceased’s estate and therefore be liable for inheritance tax.
Read more: Lisa Webster: A thorny question of pensions and IHT
As the year draws to a close it seems appropriate to keep with tradition and reflect on what has happened in a defining year for pension tax rules.
Read more: Lisa Webster: 2024 – a tumultuous year in pensions
HMRC’s January pension schemes newsletter announced changes to tax codes for pensions, and a few headlines followed proclaiming HMRC had finally fixed the over-taxation issue. It would be fantastic if that was the case, but despite nearly 10 years of getting it wrong, the problem isn’t resolved yet.
Read more: Lisa Webster: Over-taxation of pensions remains an issue
As you will be well aware, from 6 April 2027 HMRC plan to include pensions in the deceased’s estate when it comes to assessing the value for inheritance tax.
The lifetime allowance may have been consigned to the annals of history but the various forms of protection are still relevant in the new world, especially when it comes to the amount of pension commencement lump sum (PCLS) that can be taken.
Read more: Lisa Webster: Divorce impact on lump sums raises question