Inheritance tax warning as millions of savers unaware of upcoming pension raids

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A substantial majority of British workers remain unaware of pension reforms that will expose retirement savings to inheritance tax from April 2027, according to new research.A survey conducted by Barnett Waddingham among 2,000 employees found that 62 per cent of those with defined contribution workplace pensions had no knowledge of the changes.Chancellor Rachel Reeves announced the policy during her inaugural Budget, altering how unspent pension wealth is treated after death.From April 2027, funds remaining in private pension pots will be included in estate valuations for inheritance tax purposes.

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TRENDING Stories Videos Your Say This lack of awareness risks leaving families facing bills of up to 40 per cent when relatives die.Currently, private pensions are exempt from inheritance tax, a protection that will be removed under the new rules.Inheritance tax is charged at 40 per cent on estates valued above £325,000, rising to £500,000 when a primary residence is passed to direct...

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