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From April 2027, most unused pensions will count towards your estate for inheritance tax. For many families, that turns the pension from the best place to leave money into one of the worst.

In this episode, Chris and Gareth work through the numbers. If you die after 75, your beneficiaries could face 40% inheritance tax and then income tax on what they withdraw. That can add up to a combined 67% for additional-rate taxpayers.

We cover:

• What's changing on 6 April 2027, and what's excluded (death-in-service, spouse and charity transfers)
• Why age 75 is still the cliff-edge
• The 52%, 64% and 67% double-tax scenarios
• Why executors, not pension schemes, have to report and pay, and the liquidity trap that creates
• Why defined benefit savers largely escape while defined contribution savers pay
• The 2029 National Insurance cap on salary sacrifice
• Two decades of moving goalposts, and why you shouldn't drain your pension in a panic

Is the pension dead as a way to pass on wealth? And how do you plan when the rules keep changing?

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Serious Money is for education only and is not financial advice. Tax rules can change, and the treatment depends on your individual circumstances. Please seek regulated advice before making any decisions.