In this episode, Christian and Kevin revisit the hot topic of the government’s proposed inheritance tax (IHT) changes affecting pensions from 2027. Following a surge in listener interest, they clarify what’s changed, who’s now responsible, and what practical steps listeners must take to protect their wealth and family.

Key Discussion Points:

• Background:
  • The government plans to tax pensions on death, a major shift from past policy.
  • The responsibility for reporting and paying this tax will now fall on personal representatives (executors), not financial services companies.
• Why This Matters:
  • Most executors are chosen for trust, not financial knowledge.
  • Executors are now legally liable for getting it right – mistakes could mean personal financial penalties.
• Practical Risks:
  • Many people don’t know where all their pensions are or which are taxable.
  • Appointing a professional executor (like a bank) could cost families a significant portion of their inheritance, sometimes unnecessarily.
• Action Steps:
  • Review your will and your choice of executors.
  • Ensure your executor is financially savvy or has access to professional advice.
  • Consolidate pensions where sensible for simplicity and clarity.
  • Avoid defaulting to professional institutions as executors without understanding the costs.
• WealthBuilders’ Support:
  • WealthBuilders is creating two practical guides:
    1. For those making a will (how to choose an executor)
    2. For executors (what their new responsibilities entail)
  • Guides will be available soon at wealthbuilders.co.uk/IHT and wealthbuilders.co.uk/executor
• Final Advice:
  • Awareness is key: know your assets, your will, and your executor’s readiness.
  • Take action now—don’t wait until it’s too late.

Call to Action:

• Sign up for the forthcoming guides at wealthbuilders.co.uk/IHT
• Review your will and executor choices
• Share this episode with anyone who has a pension and a family
• Contact WealthBuilders with questions or to book a call via the website

Resources Mentioned:

• Download our free guide on inheritance tax changes for pensions: wealthbuilders.co.uk/IHT 
• Be the first to access our upcoming Guide for Executors — register your interest here: wealthbuilders.co.uk/executor
• Catch up on WealthTalks episode on IHT changes: How to Protect Your Pension from Inheritance Tax Changes Coming in 2027

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