Budget  

How is pensions tax looking post-Budget?

  • Explain the government plans regarding overseas pension transfers
  • Explain the impact of bringing pensions into IHT
  • Explain the impact of increasing employer national insurance contributions
CPD
Approx.30min

There may well be unintended consequences as things are thought through by industry experts, therefore perhaps having a watching brief at this stage, as opposed to immediate action, may be prudent.

From a pensions perspective, there was much anticipation in the run up to the Budget followed by a widespread sigh of relief that there were no changes announced to the tax basis that incentivises people to save.

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Those, however, who are fortunate enough to be in a position to be using their pension as an intergenerational wealth transfer vehicle are now likely to be looking to their adviser for help to review their plans. 

Les Cameron is head of technical at M&G Wealth

CPD
Approx.30min

Please answer the six multiple choice questions below in order to bank your CPD. Multiple attempts are available until all questions are correctly answered.

  1. Which aspect of pension transfers was modified to close a loophole for tax-free overseas transfers?

  2. How does the Budget aim to address the 'double bubble' in pension tax allowances?

  3. What should advisers discuss with clients concerned about the increase in employer national insurance contributions affecting pension benefits?

  4. What might be an important consideration for advisers whose clients wish to pass on pension wealth to non-dependents?

  5. How should advisers address clients' concerns about unspent pension funds being subject to IHT from April 2027?

  6. What strategy might advisers consider for clients worried about the loss of residence nil-rate band due to pension inclusion in the estate?

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  • Explain the government plans regarding overseas pension transfers
  • Explain the impact of bringing pensions into IHT
  • Explain the impact of increasing employer national insurance contributions

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