UK savers keep saving despite cost crisis, Pensions UK research

From April 2027, pensions will face significant changes when it comes to inheritance tax (IHT). Currently, many pensions pass to loved ones free of IHT, making them a highly tax-efficient way to leave wealth behind. Under the new rules, the way pensions are taxed on death will change. This could mean your beneficiaries receive less than you expected, especially if your pension is large or you have multiple pots. Why it matters: Planning ahead is key – knowing how much might be lost to IHT can help you adjust your retirement and estate planning. Reviewing your pension options now could protect your loved ones and make sure your hard-earned savings go where you want them to. Simple steps like naming beneficiaries, considering withdrawals, or speaking to a financial adviser can make a big difference. The clock is ticking, and the rules are only a few years away. Take action now so your family doesn’t face a surprise tax bill later. #PensionPlanning #InheritanceTax #TaxChanges2027 #RetirementWealth #ConfidentFinancialFuture #PlanitFinancial

Until now, pensions have sat outside of Inheritance Tax (IHT), making them a key tool in estate planning. But that will change from 6 April 2027, when most unused pension funds will be subject to IHT. What does this mean? 1. More estates will face higher tax bills – up to 40% on unused pensions, with potential income tax charges added on top. 2. Who pays? It is proposed that personal representatives, not pension scheme providers, will need to settle IHT on pensions. 3. Cash flow challenges may arise - as tax can be due before beneficiaries actually see the money. Plan now and you could save your beneficiaries both tax and stress. Find out more here: https://ow.ly/E8aE50X4eTg #EstatePlanning #WealthManagement #FinancialPlanning

£31.1 billion... That's how much money is lost in unclaimed pensions in the UK. Your employees could be missing out with the average pot being £9,470, rising to £13,620 for ages 55 to 75. 3.3 million pension pots are out there to be claimed.

According to an article by Aviva 53% of Brits claim to be knowledgeable about pensions but only a third can correctly identify a Defined Benefit (DB) or Defined Contribution (DC) scheme. 20% don’t know what type of pension they have. More than half (57%) do not know that the government contributes to pensions in the form of tax relief. 64% of men vs 43% of women said they know what they need to know about pensions. According to FF News | Fintech Finance, young Britons find financial jargon harder to learn that a foreign language. Could this be one of the reasons why people give away money every month like clock work with minimal to no idea how it's invested? What are some of the challenges you face when it comes to understanding your pension? #financialliteracy #pensionliteracy

Pensions remain a smart choice - even with IHT changes on the horizon. From April 2027, unused pension funds and death benefits will be subject to inheritance tax. But with tax relief, strategic drawdown, and long-term growth potential, pensions still offer unique advantages. In our latest article, we explore: ✅ Pension vs ISA comparisons ✅ Wealth transfer strategies ✅ Key actions advisers should take now 👉 Read more: http://spr.ly/6048Ai3mp

Why has the UK Pensions Commission been revived? Here are some facts that may surprise you:* • Retirees in 2050 are estimated to expect 8% less private income pension than retirees today • 4 in 10 people are not saving enough for retirement • Women have 48% less in private pension wealth than men, despite statistically living longer. The revived Pensions Commission will run until 2027 and will explore how to secure the UK’s pension system long-term, identify potential barriers that prevent current savers from contributing, and implement future reforms. *https://lnkd.in/gHzpTExF #IFGLPensions #PensionsCommission

The Q3 edition of #TheDefinedContrarian is out now. This edition lands at a pivotal moment for UK pensions following the publication of the Pension Schemes Bill and the revival of the Pensions Commission. Highlights this quarter include: 💼 UK Productive Finance for DC Schemes? Patricia Ward cuts through the noise 🧩Could CDC help solve pensions adequacy? – Andre Clarke explores the potential 📌 Lessons from Australia’s Decumulation Journey – Maggie Kearney shares key insights 💷  £25bn: Big Number or Big Distraction? – Russ Wright examines the real implications of the government’s megafund target Plus a chat with Dipan Roy, our Head of Portfolio Construction ☕ Link to the publication is in the comments #DefinedContrarian #Pensions #DC

With the state pension expected to rise by 4.7% from next April in line with annual earnings growth, today's Stat of the Day looks at pensions - namely the number of self-employed individuals in the UK making individual contributions to a personal pension in 2023-24. Source: HM Revenue & Customs

From April 2027, pensions are expected to fall within your estate and could be liable for Inheritance Tax (IHT). That date might seem far away, but the policy change has the potential to significantly affect your estate plan, so thinking about it now could be useful. Take a look at our latest article: https://lnkd.in/eRTYiBdc

Greater clarity has been provided on the Social Security treatment of legacy pensions impacted by the 5-year amnesty period. A new determination, effective 30 September 2025, ensures that legacy pensions will not lose their asset-test exempt status simply because the commutation option became available to them. Read more: https://bit.ly/4nybklA