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IHT Planning with Retirement Planning

These two subjects are inextricably linked in that a decent retirement plan can enhance an IHT plan. While no IHT will be paid (before 06 April 2027), if the pension holder is over 75 at the time of death the beneficiaries will be liable to income tax on pension benefits drawn. I.e. if no benefits are drawn, no income tax is paid.

As the situation will be different from the 2027/28 tax year, anybody with significant pension savings will suffer a higher IHT liability, and we would urge you to contact us or your financial adviser sooner rather than later to discuss your options.
 

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How it works

01.

IHT planning is the allocation of money that you don’t spend during your retirement. The two will always work hand in hand and in recognising this you can only improve your position.

For example, any money that is held in a pension at the time of your death can sidestep your estate and get passed to your beneficiaries without IHT.

02.

So, if you happen to have an extra £100,000 of your estate in a pension due to proactive planning, you could save up to £40,000 of IHT.

Of course, due to the pension freedoms act that £100,000 is still accessible, but unless you need it, outside of your estate. For this reason, the earlier you look at IHT planning the better.

03.

Please don’t misunderstand, we’re not saying everybody must act now. In many cases waiting until you are older is the right decision.

However, there are clients that benefit from making early moves with their money. Moves that don’t really affect their lives, but that save IHT.

IHT Planning is best dealt with holistically, taking into account all of your finances and goals

We have many years of experience in advising clients across the country who wish to protect their estate, and we provide a tailored service for each individual. Our company is well qualified to answer questions and enable you to organise your assets.

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They gave me their time to help choose the best options for me going forward and to help plan for down the line. I know I'm in good hands.

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He has taken over from previous adviser and has provided an excellent service so far to try to ensure our long term financial goals can be met.

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Ripley Wales Financial Planning have looked after our finances now for over ten years and we feel more than qualified, on that basis, to unreservedly recommend their services.

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They have managed my pension and income drawdown, keeping in touch regularly about decisions to be made, and making useful strategic suggestions.

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They did a great assessment on risk and a gained a detailed understanding of my goals and set a course accordingly.

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Managed all my affairs extremely well. Have also shown great patience and understanding in areas that I did not previously understand.

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They showed me what was possible, what I needed to do to achieve this and a likely outcome. But also pointed out the possible high's and the low's.

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They were very knowledgeable and professional without any awkwardness, I immediately felt relaxed and confident that they could assist me.

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Consolidated my husband my pensions into a joint pension. Reviewed and advised on finances in future retirement.

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Ripley Wales Financial Planning advised me on the best ways to protect my pension fund and how to plan for my desired future.

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They keep a keen interest in the performance of the investments within the pension and advise me when they think we should change anything.

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Superb advice and support, giving us complete confidence that our financial planning is taken care of.

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If you have any questions or queries call us on: 0800 093 4115

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