Pensions face “double tax” due to inheritance tax change – what are your options?

Rachel Reeves announced on Budget Day that pensions would be subject to inheritance tax, a move that could have significant implications for retirement planning. This change could result in bereaved families facing a double tax of up to 67% or even 90%. Experts advise pension savers to reevaluate their strategies to avoid a hefty tax bill. Considerations include gifting money, downsizing, buying annuities, and utilizing life insurance policies in trust to mitigate potential tax liabilities.

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