UK savings plans overhauled with planned pension tax changes

In this edition of Unlock the Editor’s Digest, Roula Khalaf highlights the impact of Rachel Reeves’ Budget on UK retirement savings, with changes to how pensions are taxed under the inheritance tax regime from 2027. The reforms will lead to double taxation for inherited pensions if the saver is 75 or older, prompting advisers to rethink their strategies. The shift in taxation rules may result in more Britons making gifts or spending their pension savings to avoid higher taxes, with potential implications for estate planning and annuity uptake.

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