Planning for Pensions and IHT
The Meaningful Money Personal Finance Podcast
Pete Matthew
4.9 • 1.7K Ratings
🗓️ 8 April 2026
⏱️ 33 minutes
🧾️ Download transcript
Summary
From April 2027, many unused pension funds are set to be brought into the IHT net, changing how pensions work for legacy planning. Pete and Roger explain what's changing, what still remains exempt, where "double tax" can arise, and the practical steps to consider now — without rushing into knee-jerk decisions.
01:55 KNOW - Pensions no longer outside of estate
09:49 KNOW - Some important exemptions still remain
10:32 KNOW - In some cases there could be TWO taxes
14:15 KNOW - The administration will also change
16:58 KNOW Summary
17:15 DO - Rethink the old "leave the pension last" strategy
22:40 DO - Review who your beneficiaries actually are
24:56 DO - Consider using surplus pension income while you're alive
26:35 DO - Don't rush into drastic decisions
30:39 Podcast Review
Shownotes: https://meaningfulmoney.tv/session616
Transcript
Click on a timestamp to play from that location
| 0:00.0 | Oh, I like that. |
| 0:01.8 | Well, you wrote here. |
| 0:03.5 | That's why I like it. |
| 0:05.4 | Hi, folks, and welcome to the Meaningful Money podcast. |
| 0:08.7 | This is session number 616. |
| 0:10.6 | Welcome to you, and welcome to my great friend, |
| 0:12.4 | the Right Honourable Mr. Roger Engelbert Weeks. |
| 0:15.6 | I, and welcome back to even more allergic friend, Peter Liberacee Matthew.. Liberace. It's funny because before we pressed record on this, Kate said, why is that funny? Engelberg. And who's Liberace? Yeah, who's liberate? But, you know, whether it's funny or not is obviously the question, but it makes us smile. Yeah, I've got to come back with some sort of retort when you say |
| 0:38.1 | something like that. |
| 0:39.3 | Yeah, exactly. |
| 0:40.1 | So what we're talking about today, but? Well, it's actually nearly an exact year before pensions were falling into the IHT regime. And we think it's time we've really started to talk about this a bit more, really. It's going to be a massive subject, I think, going forward. |
| 0:53.8 | I'm sure it will come up quite a bit going forward, you know, between now and then and probably after as well. So today we want to kind of cover everything you need to know about the changes, what's going to be happening, a little bit of history as well, thanks to our resident history teacher and their pension expert. And because it's been a little while since these things are announced as well, |
| 1:12.1 | so it'd be good to have a refresher. And then also some things to think about and to do |
| 1:15.7 | before the big change next year. Yeah, because this will be in people's heads for a long time now. |
| 1:20.1 | And we'll get loads of questions about this. We already have had a few questions on the |
| 1:23.9 | podcast. But yeah, it'll kick him up. And as this is a non-Q-N-A show, we'll read it a review at the podcast. But yeah, it'll kick him up. |
| 1:27.7 | And as this is a non-Q&A show, |
| 1:30.2 | we'll read at a review at the end of this one instead of doing at the very beginning. We used to do that every week. We don't have to know, because on the Q&As, because people usually put a nice comment at the start of each questions. Because of when the questions answered. Yeah? Yeah, no, just buttering us up. right so i look forward to that review remember as always notes and links that we |
| 1:45.1 | mention are at the show notes, which is Meaningful Money.tv slash session 616. Meaningfulmoney.tv slash session 616. Let's crack on. Look at first, everything you need to know about pensions and inheritance tax. And we're going to start with, you know, like the main sort of |
| 2:01.8 | premise, really, that pensions are no longer going to sit outside your estate. When from? |
| 2:08.0 | From 6th of April, 2027. So we've just started the new tax year. So you've got 12 months in |
| 2:14.1 | which to get your heads around this and us. Yeah, and the advice process around that as well. |
... |
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