Latest Columns
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Tilley: Are we asking too much of pension savers?
Working in UK pensions, I’ve always accepted that the system evolves. Fiscal pressures change, demographics shift, and governments recalibrate policy objectives. But even allowing for that, the pace and volume of legislative change in the pensions space over the last few years feels unprecedented, and in my view increasingly problematic.
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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.
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Lisa Webster: Should tax-free cash always be taken?
Since the Lifetime Allowance was abolished and replaced with the Lump Sum Allowance (LSA) and lump sum and death benefit allowance (LSDBA), we have seen an increase in SIPP members who want to take drawdown only – foregoing the right to take the associated pension commencement lump sum (PCLS).
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Lisa Webster: Good news from DWP for SIPPs but not SSAS
The DWP has just released its long-awaited consultation on the SIPP transfer regulations – and it’s largely encouraging news. As an employee of a reputable SIPP provider the changes are positive. SSAS providers may be less enthusiastic about some of the proposals.
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Tilley: Transfer reform welcome but SSAS governance is key
At first glance, DWP’s June 2026 consultation on proposed changes to the 2021 transfer regulations does something the industry has long asked for; it acknowledges that the current regime, while well intended, has created too much friction for some perfectly legitimate pension transfers.
Popular News
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AI could bridge advice gap say pension professionals
A third (34%) of pension professionals believe artificial intelligence will boost member advice and guidance and help to close the advice gap, according to a new report.
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Lisa Webster: Good news from DWP for SIPPs but not SSAS
The DWP has just released its long-awaited consultation on the SIPP transfer regulations – and it’s largely encouraging news. As an employee of a reputable SIPP provider the changes are positive. SSAS providers may be less enthusiastic about some of the proposals.
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Workplace pensions suffer 'comprehension gap'
There’s a comprehension gap in workplace pension communication, with more than a third (37%) of UK employees claiming their workplace pension scheme was either not clearly explained to them or they had no memory of any explanation.
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FCA to crack down on poor due diligence in SIPPs
The FCA plans to crack down on inconsistent record-keeping in SIPPs by introducing new clear standards of due diligence.
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Pension conundrum for new PM
The next Prime Minister has been urged to address the long-term sustainability of the state pension triple lock.
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Tilley: Transfer reform welcome but SSAS governance is key
At first glance, DWP’s June 2026 consultation on proposed changes to the 2021 transfer regulations does something the industry has long asked for; it acknowledges that the current regime, while well intended, has created too much friction for some perfectly legitimate pension transfers.
SIPP operator Corporate & Professional Pensions Ltd (FRN: 465748) has been declared in default by the Financial Services Compensation Scheme.
Inheritance tax receipts for April to June were £2.2bn, over £100m higher than the same period last year, according to new HMRC figures published today.
The restricted remit of the new Pensions Commission will limit its ability to deal with the scale of the problem, according to LCP partner and former Pensions Minister Steve Webb.
Work and Pensions Secretary Liz Kendall has confirmed that the third statutory Government review into when and how to raise the State Pension age will begin straightaway.
The Society of Pension Professionals said the revival of the government’s landmark Pension Commission is good news as it will consider a wide range of potential solutions rather than focusing solely on automatic enrolment.
Nearly one in 10 estates liable for inheritance tax paid more than £500,000 in the latest available year, with the number expected to soar from April 2027 when pensions are set to be included in IHT calculations.
In the 2021/22 tax year, 2,520 estates paid more than £500,000 in IHT, a 29% increase over three years.
If the trend seen over three years to the end of 2021/22 continues, more than 3,524 estates will pay £500,000 or more in IHT by end of the current tax year.
The figures were obtained through a new FOI by wealth manager Rathbones.
They showed that of the 27,850 estates liable for IHT in the 2021/2022 tax year, 1,630 paid between £500,000 and £999,999 in IHT, while a further 890 estates paid more than £1m.
That totals more than 2,520 estates, 9% of all estates in the year that were liable for inheritance tax. That represents a 29% increase from the figure recorded at the end of the 2018/19 tax year, and the number is rising, Rathbones warned.
Rebecca Williams, divisional lead of Financial Planning at Rathbones, said: “More and more people will be caught out by IHT charges, despite the availability of gifting allowances and the seven-year rule. The deep freeze on both the main nil-rate band and the residence nil-rate band, unchanged since 2009 and 2017 respectively, has led to a creeping form of fiscal drag.
“As house prices and asset values have steadily risen, more estates are being brought into the IHT net simply because the thresholds haven’t kept pace with inflation.”
She said the issue will worsen from April 2027, when pension assets are brought into the fold and the change could pull even modest estates into scope for IHT.
She said that makes it increasingly vital for families to engage in effective Financial Planning. “Without proactive steps, more estates will find themselves facing IHT bills they might not have anticipated.”
Additional research by Rathbones on the impact of the Government’s plans around IHT found that nearly one in three, 31%, people with pensions say they are put off making further contributions to their pension pots by the changes, which means they lose the tax efficiencies of pension saving.
The money they are no longer contributing to their pensions is most likely to be put in cash – around two out of five, 39%, questioned said they will deposit the money in savings accounts while 25% plan to invest some of the money in equity ISAs.
Almost one in seven, 14%, questioned say they have already changed their focus to property investment as a result of the decision.
Rathbones commissioned Viewsbank to survey 619 people with pensions, cash ISAs, investment ISAs, shares, investment funds and cash savings between March 14th and March 17th,. The sample represented the demographic profile of the UK.