Pension tax overhaul a 'significant shift'

UK savers will face significant changes to pension tax from April 2027, as most unused pension pots will now be subject to inheritance tax. Estates exceeding the £325,000 nil-rate band will incur a 40% IHT on the excess. Des Cooney, a retirement planning specialist at Axis Financial Consultants, said a combination of pension assets becoming subject to inheritance tax alongside income tax on withdrawals is a "genuinely significant shift."