Financial heavyweights join forces against chancellor's IHT/pension plans

AJ Bell, Quilter, Hargreaves Lansdown and Interactive Investor CEOs send joint letter

Jenna Brown
clock • 2 min read

The CEOs of four financial services giants - AJ Bell, Quilter, Hargreaves Lansdown and Interactive Investor – have jointly written to chancellor Rachel Reeves opposing the way the government plans to introduce inheritance tax (IHT) to pensions.

The big name firms, which collectively manage £430bn of investments for 3.4 million people, joined forces to oppose the methodology behind the tax policy which is due to come into force in April 2027. It was first announced in the Autumn Budget and has been criticised for being overly complex. Michael Summersgill is CEO at AJ Bell, Don Olley heads Hargreaves Lansdown, Steven Levin is CEO of Quilter and Interactive Investor is headed up by Richard Wilson. The joint letter said while decisions on raising tax revenue were for the government the CEOs "believe there are better ways to achi...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Pensions

Government to set up small pensions pot consolidator

Government to set up small pensions pot consolidator

Pension Schemes Bill measure will reduce admin costs and boost pots

Jonathan Stapleton
clock 24 April 2025 • 3 min read
Pension engagement only way to cut 'retirement anxiety'

Pension engagement only way to cut 'retirement anxiety'

Verona Kenny says industry has ‘moral duty’ to push engagement

Jenna Brown
clock 23 April 2025 • 3 min read
L&G becomes first pension provider to complete dashboards ecosystem connection

L&G becomes first pension provider to complete dashboards ecosystem connection

Provider finalised its connection to the ecosystem today

Holly Roach
clock 17 April 2025 • 1 min read