The inheritance tax (IHT) changes announced in 2024 Autumn Budget have triggered a significant shift in the advice that IFAs are providing to their clients, according to research from Standard Life, part of Phoenix Group.
With pensions set to be brought into scope of IHT from 2027, the research shows advisers are actively responding by re-evaluating how best to structure income for their clients in later life. Some 82% of IFAs have re-evaluated the role of pensions in their clients' plans, with 10% undertaking a full review across their client base. Furthermore, 69% of IFAs have either already advised or are planning to advise their clients to increase the level of in income they take in retirement. Among those who have had such conversations, 43% have recommended an increase in retirement income of 5% or...
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