Almost 300 people fully encashed a pension of more than £250,000 after tax-free cash between October 2023 and March 2024, paying a minimum £98,700 each in tax in the process, according to new analysis of FCA figures by Standard Life.

At the end of July, we had confirmation that the Government is ploughing ahead with plans to include “unused” pension funds in a deceased’s estate for inheritance tax (IHT) purposes.