At PA360 last month, tax specialists Andrew Baird and Mark Plewes said upcoming inheritance tax changes on pensions will require advisers to take a far more proactive role in estate planning.
The speakers said the inclusion of some pension assets within IHT rules from April 2027 will significantly change retirement and wealth transfer strategies, making early planning increasingly important.
They added that advisers will need to regularly review pension values, beneficiary arrangements and potential tax liabilities as part of a more ongoing estate planning process.
He added that clients would need ongoing reviews and closer monitoring.
Andrew Baird also warned that individuals aged over 75 could face significant tax charges on pension assets, with the risk of double taxation becoming a growing concern.
He said frequent rule changes mean advisers must take an active approach, focusing on early planning and putting appropriate strategies in place as soon as possible.