Inheritance tax (IHT) on pensions will have a twofold effect of fuelling demand for advice and forcing advisers to entirely rethink their approach to decumulation, according to BNY Investment Management head of retirement Richard Parkin.
Unused pension funds and death benefits are set to fall under the scope of IHT for the first time from April 2027. The changes, first announced in the 2024 Budget, have been met with unease across financial services. Business leaders and policy experts have urged the government to rethink its methodology but have thus far been unsuccessful. Talking to PA, Parkin said the move would "clearly impact lots of people" and many would quickly fall into IHT territory, something he said would "drive demand for advice". "The IHT stuff is a game-changer. We are thinking about what it means fo...
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