{"id":44281,"date":"2025-09-04T10:08:59","date_gmt":"2025-09-04T10:08:59","guid":{"rendered":"https:\/\/www.rbcwealthmanagement.com\/en-uk\/?p=44281"},"modified":"2026-05-26T18:20:01","modified_gmt":"2026-05-26T18:20:01","slug":"uk-pension-changes-your-questions-answered","status":"publish","type":"post","link":"https:\/\/www.rbcwealthmanagement.com\/en-uk\/insights\/uk-pension-changes-your-questions-answered","title":{"rendered":"UK pension changes: Your questions answered"},"content":{"rendered":"\n<p><a href=\"https:\/\/www.rbcwealthmanagement.com\/en-uk\/our-people\/michelle-holgate\">Michelle Holgate<\/a><br>Director, Wealth Manager<br>RBC Brewin Dolphin<\/p>\n\n\n\n<div class=\"well b-blue-tint-4 mb-3\">\n<h2>Key highlights<\/h2>\n      <ul class=\"list-spaced\">\n        <li>\n          <strong>Proposed UK pension tax reforms:  <\/strong> From April 2027, pensions may be included in the inheritance tax (IHT) net and potentially taxed at up to 40%. Note that these changes are yet to pass into legislation.\n        <\/li>\n        <li>\n          <strong>Planning strategies:  <\/strong> Options like updating pension expression of wish forms, gifting surplus income to reduce IHT, and reassessing estate plans are potential planning strategies. However, premature actions, such as withdrawing pension funds, are discouraged until the rules are finalised.\n        <\/li>\n        <li>\n          <strong>Intergenerational wealth planning:  <\/strong> More families are involving children in financial planning, focusing on support during life rather than just leaving a legacy. Regular reviews with your wealth manager are key to remaining prepared.\n        <\/li>\n      <\/ul>\n    <\/div>\n\n\n\n<p>Proposed changes to pension taxation in the Autumn 2024 Budget have understandably caused concern \u2013 and some confusion \u2013 among those nearing or enjoying retirement.<\/p>\n\n\n\n<p>These changes have already influenced how people think about their pensions. In March, we ran a survey of individuals aged 45 years old and over with pension pots of at least \u00a3300,000. The results revealed that 56% of respondents now intend to spend more of their pension in light of the proposed changes.<a href=\"https:\/\/www.rbcwealthmanagement.com\/en-uk\/insights\/uk-pension-changes-your-questions-answered#_ftn1\">[1]<\/a><\/p>\n\n\n\n<p>While legislation is not yet finalised, understanding the implications is key for effective preparation. <a href=\"https:\/\/www.rbcwealthmanagement.com\/en-uk\/our-people\/michelle-holgate\">Michelle Holgate<\/a>, a wealth manager here at RBC Brewin Dolphin, provides clarity on the proposed changes and potential planning strategies.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-q-let-s-start-broad-what-could-change-under-the-proposed-pension-reforms-will-pensions-be-taxed-and-when-could-this-change-take-effect\"><strong>Q: Let\u2019s start broad \u2013 what could change under the proposed pension reforms, will pensions be taxed, and when could this change take effect?<\/strong><\/h2>\n\n\n\n<p>From April 2027, pensions will potentially be counted within a person\u2019s estate for IHT purposes. That could mean&nbsp;<a href=\"https:\/\/www.gov.uk\/inheritance-tax\">a tax of up to 40%<\/a>&nbsp;on any remaining pension when you pass away, depending on your estate\u2019s total value.<\/p>\n\n\n\n<p>But it\u2019s crucial to note this is not yet law, and there\u2019s a significant way to go before it is.<\/p>\n\n\n\n<p>Although the changes are yet to pass into legislation, they have nevertheless prompted some people to reassess their estate plans in case they\u2019re enacted. This includes looking at how much they\u2019ll need themselves in retirement, and what can be passed on.<\/p>\n\n\n\n<p>And while it\u2019s important to be aware and consider potential planning scenarios with your wealth manager, it\u2019s wise to avoid making any knee-jerk decisions.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-q-given-those-potential-changes-are-pension-expression-of-wish-forms-still-relevant\"><strong>Q: Given those potential changes, are pension expression of wish forms still relevant?<\/strong><\/h2>\n\n\n\n<p>Absolutely. A pension expression of wish form informs who will be inheriting your pension when you die, as pension beneficiaries are not usually determined by your will. It\u2019s vital your form is up to date.<\/p>\n\n\n\n<p>Many people either haven\u2019t filled these in or have filled them in solely for their spouse or one person, leaving no \u2018plan B\u2019 or flexibility around the distribution. Whereas splitting pensions among multiple beneficiaries can reduce overall tax if done carefully, as each person\u2019s withdrawals are taxed individually.<\/p>\n\n\n\n<p>Some clients, confident that their spouses or civil partners won\u2019t need the funds, are opting to nominate their children or grandchildren now, with the intention to review this as April 2027 approaches. To ensure your nominations remain appropriate and aligned with your broader estate planning goals, it\u2019s important to consult your wealth manager.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-q-are-annuities-making-a-comeback-in-light-of-the-proposed-changes\"><strong>Q: Are annuities making a comeback in light of the proposed changes?<\/strong><\/h2>\n\n\n\n<p>Yes, annuities might become more popular again.<\/p>\n\n\n\n<p>With annuities, you trade a lump sum for guaranteed income for life. They can be especially attractive for those with health issues (who might qualify for enhanced rates), or those who want income certainty.<\/p>\n\n\n\n<p>But once you buy an annuity, the capital is gone \u2013 it\u2019s no longer part of your estate, and there\u2019s no going back.<\/p>\n\n\n\n<p>It suits some, but not everyone \u2013 for example, it may not be the best option if you\u2019ve already got guaranteed income sources that take you up to the higher or the additional tax rate.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-q-with-so-much-uncertainty-is-there-a-general-approach-you-favour-right-now\"><strong>Q: With so much uncertainty, is there a general approach you favour right now?<\/strong><\/h2>\n\n\n\n<p>First, take stock: look at a detailed breakdown to understand your income sources and outgoings. Many people don\u2019t have a detailed picture of this in writing. You also need to understand what your needs are likely to be moving forward, which might be very different if you\u2019re pre- or post-retirement. For example, are you going to want to go on more holidays, which need to be included? Are you going to want to downsize the house, which may bring some assets? Knowing how much you\u2019ll need to live comfortably \u2013 especially post-retirement \u2013 helps you plan realistically.<\/p>\n\n\n\n<p>Then, meet with your wealth manager at least annually. Review how your assets are held: ISAs, pensions, general investment accounts and other investments, as each will have different tax treatments which need to be aligned with your investment and personal goals.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-q-from-a-broader-perspective-are-you-seeing-changes-in-how-people-think-about-inheritance-and-wealth\"><strong>Q: From a broader perspective, are you seeing changes in how people think about inheritance and wealth?<\/strong><\/h2>\n\n\n\n<p>Yes, these conversations are happening earlier. More clients are involving their children in financial planning, wanting to support them during life rather than just leaving a legacy after death. Think&nbsp;<a href=\"https:\/\/www.rbcwealthmanagement.com\/en-uk\/insights\/how-to-help-children-onto-the-property-ladder\">helping with property<\/a>,&nbsp;<a href=\"https:\/\/www.rbcwealthmanagement.com\/en-uk\/insights\/vat-on-private-school-fees-how-to-manage-the-cost\">school fees<\/a>&nbsp;or managing debt.<\/p>\n\n\n\n<p>It\u2019s a return to more intergenerational thinking, with passing down wealth now a more prominent topic of discussion than it may have been in the past.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-q-have-you-already-started-fielding-a-lot-of-questions-about-this\"><strong>Q: Have you already started fielding a lot of questions about this?<\/strong><\/h2>\n\n\n\n<p>Absolutely. It\u2019s triggered a lot of conversation. Clients are trying to understand what this means for their lifestyle, and how they can best support their families. With pensions coming right into the mix, it\u2019s a much wider discussion now.<\/p>\n\n\n\n<p>The proposed changes have sparked valuable planning conversations. Although it\u2019s always been the case that we\u2019ve said \u2018Bring your family along. Let\u2019s start to have these conversations and manage the position as a wider family,\u2019 it hasn\u2019t been taken up as much as it now is. We\u2019re seeing more people bringing professionals, such as their solicitors or accountants, into the process, as well as their children. This collaborative approach is much more efficient for exploring the best planning options for all parties.<\/p>\n\n\n\n<p>The proposed changes have definitely highlighted the value of working with a wealth manager. They can help you proactively prepare and adapt your financial plan to stay aligned with your goals as new legislation is introduced.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-q-what-are-the-key-dates-to-keep-in-mind\"><strong>Q: What are the key dates to keep in mind?<\/strong><\/h2>\n\n\n\n<p>If they\u2019re enacted, the proposed changes will take effect in April 2027.<\/p>\n\n\n\n<p>Between now and then, I would encourage clients to stay informed, and to have regular (and at least annual) reviews with their wealth managers to look at their current position and what their proposed planning actions are.<\/p>\n\n\n\n<p>For some, it may still be beneficial to maximise pension contributions in this tax year, but the best course of action will be down to individual positions.<\/p>\n\n\n\n<p>Remember, preparation is key, and your wealth manager can provide you with clarity on your position. Once we know the legislation, you may want to move quickly \u2212 but avoid acting prematurely. It\u2019s important to strike a balance between your current needs and what is likely to be implemented in the future. Avoid locking in actions \u2013 like withdrawing large pension sums \u2013 until the rules are confirmed.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-next-steps\"><strong>Next steps<\/strong><\/h2>\n\n\n\n<p>Pension health check \u2018to-do\u2019 list:<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-1-check-your-expression-of-wishes\"><strong>1. Check your expression of wishes<\/strong><\/h3>\n\n\n\n<p>Make sure it reflects your current wishes and consider adding alternates. Contact your RBC Brewin Dolphin wealth manager if you feel a review is needed.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-2-review-your-pensions\"><strong>2. Review your pensions<\/strong><\/h3>\n\n\n\n<p>Especially if you\u2019ve had multiple jobs. Are they invested appropriately? Are they still fit for purpose? Your wealth manager can advise on how to best achieve your goals.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-3-avoid-rash-moves\"><strong>3. Avoid rash moves<\/strong><\/h3>\n\n\n\n<p>Wait for legislative clarity before making large financial shifts.<\/p>\n\n\n\n<p><br>If you\u2019re unsure about your financial position, <a href=\"https:\/\/www.rbcwealthmanagement.com\/en-uk\/private-clients\/our-services\/financial-planning-and-advice\">speak to a wealth manager<\/a>. They can help provide clarity on your position, stress-test your plans, and guide you through the financial and practical aspects of managing your wealth \u2212 giving you confidence that your future is in expert hands. Find out more from our dedicated support team by calling us on 020 7246 1111. Opening hours are Monday to Friday 9am to 5pm.<\/p>\n\n\n\n<p><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Wealth Manager Michelle Holgate unpacks proposed changes to the UK pensions landscape and addresses the common questions we\u2019re hearing from 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Manager Michelle Holgate unpacks proposed changes to the UK pensions landscape and addresses the common questions we\u2019re hearing from clients.","rbcwm_post_author":"","rbcwm_custom_breadcrumb_text":"","rbcwm_custom_breadcrumb_link_url":"","rbcwm_disclaimers":{"add_disclosures":"","perspective_disclaimer":"","expandable":"","omit_from_pages":"","disclaimer_footnote":""},"rbcwm_insight_cta_id":"","rbcwm_pagination":{"next_link":"","next_link_text":"Next article","previous_link":"","previous_link_text":"Previous article"},"rbcwm_video_duration":"","article_time":3,"rbcwm_enable_toc":false},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.5 (Yoast SEO v27.6) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>UK pension changes: Your questions answered &#8211; RBC Wealth Management United Kingdom<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link 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