Research from Schroders found that almost all advisers are seeing client concern over plans to bring unused pension funds into the IHT net. More than half said clients are highly concerned, and many expect the changes to prompt a review of estate-planning arrangements. Around two-thirds believe at least a quarter of their clients will need to make adjustments before the reforms take effect.
Schroders said the results show pension tax changes have become a key planning issue for both advisers and clients. The survey found tax and estate planning is now seen as the leading growth area for advice firms, ahead of retirement income and intergenerational planning. However, firms continue to face challenges from increasing regulatory and business costs.