Safeguarding your pension from the Autumn Budget tax changes
After the success of our first webinar, we’re delighted to confirm our experts will again join former BBC presenter Mark Foster to discuss the far-reaching impact of 2024’s Autumn Budget on pensions.
Discover how the announcement that your pensions could drop into your estate for Inheritance Tax purposes after April 2027 may impact you and your loved ones.
Can't wait for the webinar? Read more in our useful blogs all about trusts and estate planning to help you get started.
In the run up to October’s budget, the Chancellor, Rachel Reeves, repeatedly said that ‘difficult’ decisions needed to be made. Small wonder that the budget, which was the first to be delivered by Labour in 14 years, was being dubbed the ‘Halloween horror budget’ by some media pundits.
According to the media in August 2024, the number of Britons whose pensions will not provide the retirement lifestyle has risen. Data from Standard Life reveals that the number of people with pensions that is unlikely to provide the standard of living they want increased from 35% to 38%, when compared to 2023.
While an important benefit of pensions is the tax relief they offer, another is the growth potential they can offer over the long-term. One reason for this is ‘compound growth’, which can help to boost the value of your retirement fund and turn your dream retirement into reality.
While pensions offer a tax-efficient way to save for your retirement, care needs to be taken when you access them. While pensions offer tax advantages while you’re building them, they can be subject to potentially significant tax charges when you draw money from them.
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