Ep 509 - Pension IHT changes, How much do you need to retire & Credit file hack
The Money To The Masses Podcast
Damien Fahy
4.8 • 589 Ratings
🗓️ 22 June 2025
⏱️ 29 minutes
🧾️ Download transcript
Summary
In this week's show Damien explores the proposed changes to Inheritance Tax (IHT) on defined contribution pensions, set to begin in April 2027. He also discusses strategies that could be used to mitigate the potential impact. Next, he takes a look at how much money you'll need in retirement in order to achieve a minimum, moderate and comfortable lifestyle. Finally, Andy explains how you can use a 'Notice of Correction' to improve your chances of securing credit if you have any negative marks on your credit report.
Check out this week's podcast article on the Money to the Masses website to see the full list of resources from this week's show
(00:00) - Money to the Masses Podcast Episode 509
(05:50) - Proposed Changes to IHT and the Implications
(07:42) - Strategies for Mitigating Inheritance Tax
(09:16) - Gifting and Charitable Contributions
(11:32) - Gifting from Income Exemption
(13:49) - Life Insurance and Other Mitigation Tools
(15:03) - Conclusion and Future Considerations
(16:12) - How much do you need to retire? Minimum, Moderate and Comfortable pension lifestyles revealed
(21:18) - Navigating Retirement Planning
(22:40) - Credit File Management and Notices of Correction
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Links referred to in the podcast:
- IHT Gifting Exemptions (and how they work)
- Aberdeen Briefing Notes on IHT/Pensions
- How to find a good financial adviser you can trust
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Transcript
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| 0:00.0 | Hello and welcome to episode 509 of the Money to the Massies podcast with your resident expert as always, |
| 0:05.4 | Damien Faye and me Andy Leaks, Damian, welcome back. How's the heat doing for you? |
| 0:11.0 | We were not going to complain about the heat at all. We're not going to be typically British that we've had some nice weather and then we start complaining. |
| 0:17.3 | But the reason that Andy's laughing is because the studio I'm in, Andy's in a different |
| 0:23.2 | studio recording, but the one that I'm in in our offices, the aircon doesn't work, it's broken, |
| 0:29.4 | and you can't open the window. So I've been inside. This feels like a broom cupboard all day |
| 0:34.7 | prepping the podcast. We're going to do the podcast and hopefully we're going to do it in one take Andy because I need to get out of here. |
| 0:41.7 | Yeah, so with that in mind, Damien, a nice, efficient podcast is going to be on the car to this week. So what have we got coming up on this week's show? |
| 0:49.4 | So we're going back to three pieces this week. Now, the first piece is in relation to the change to the inheritance |
| 0:56.0 | tax rules around defined contribution pensions. Now they're still in the proposal stages, |
| 1:01.1 | but there has been lots of talk within the financial planning community about things that people |
| 1:06.6 | might be considering doing and things to be looking at now. So I want to talk through some of that to give people an idea. |
| 1:14.0 | Again, it's still proposals at this moment about what's going to happen to pensions and |
| 1:19.3 | inheritance tax, but it is worth talking about. |
| 1:21.7 | For the second piece on the podcast, we're going to keep with the pension theme, |
| 1:25.9 | but a popular question is how much do you need for retirement? |
| 1:29.2 | So we're going to go through the latest research that looks at how much you will need a year |
| 1:34.3 | for the minimum retirement, the moderate retirement and a comfortable retirement. So those are the numbers |
| 1:42.1 | from the PLSA. So we'll go through those. And the final piece on the |
| 1:45.5 | podcast is a little known fact, something you can do to your credit report, to increase your chances |
| 1:51.4 | of getting credit if something has gone wrong with your credit history. Okay, so let's move on to |
| 1:58.3 | that first piece of the podcast then, Damien. You're going to be talking about pensions and this looming change that's going to be happening in terms of |
... |
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