Autumn Budget 24: Inherited pensions to face inheritance tax from 2027

Admins To Handle Tax Reporting And Payments; DB, DC Affected

October 30, 2024 • 4-minute read

Image: Kirsty O’Connor / Treasury

In 2015, the introduction of pension freedoms eliminated the 55% tax penalty on pension funds that went unclaimed upon an individual’s death. Furthermore, the removal of the Lifetime Allowance in March 2023 lifted the restrictions on the amount of money individuals can save into their pensions.

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