Overview

The youngest “baby-boomers” are now 60 years old, and with the majority of UK wealth in their hands, what happens next is crucial. This presents a huge opportunity for advisers to provide sound advice, both now, and for when this wealth changes hands.

Retirement today can take many forms. With previous retirees having a more simple structure compared to that of todays plethora of available retirement instruments, financial advisers have their work cut out to navigate the world of retirement advice in the UK.

In this webinar, we will touch on the ever-shifting goal posts in retirement planning – from state pension age and lifetime allowance, to the tools and products that can pave the way for smooth sailing for clients in their Golden Years.

DISCLAIMER: This webinar was filmed prior to the release of the 2024 Autumn Budget.  

The key changes to note are: 100% Business Relief will continue to apply to the first £1m of qualifying business and agricultural assets (in addition to the current nil rate band worth up to £500k per individual) and, there after, IHT will apply at half the normal rate, effectively reducing to 20%. This change will apply to unlisted inheritance tax solutions and private businesses that otherwise meet the Business Relief conditions. For Business Relief qualifying companies listed on AIM, IHT will apply at the halved rate of 20% (irrespective of the size of investment).

From April 2027, inherited pension funds (such as those from a deceased parent) will be included within the deceased’s estate for IHT, removing their current exempt status.

The learning objectives for this webinar

• Understand the many meanings of retirement in today’s age.
• Understand how to create appropriate income strategies that consider an all-asset approach.
• Understand how to apply decumulation ‘best practice’ principles to minimise tax leakage on drawdown.
• Understand the legislative context in relation to taking income and cash from pensions and transferring the value of pensions.

Speakers

Tony Wickenden

Managing Director, Technical Connection

Claire Trott

Director, Technical Connection

Andrew Baird

Strategic Partnerships Manager, Downing

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Opinions expressed represent the views of the author at the time of publication, are subject to change, and should not be interpreted as investment or tax advice.

Important notice: This webinar is for investment professionals only. This webinar is for information only and does not form part of a direct offer or invitation to purchase, subscribe for or dispose of securities and no reliance should be placed on it. No reliance should be made on this content to inform any investment of tax planning decision.

This content contains information that is believed to be accurate at the time of publication but is subject to change without notice. The explanation of all of the tax rules set out have been written in accordance with our understanding of the law and interpretation of it at the time of publication.

Whilst care has been taken in compiling this content, no representation or warranty, express or implied, is made by Downing as to its accuracy or completeness, including for external sources (which may have been used) which have not been verified.

Please note: The explanation of the 2024 Autumn budget changes is in accordance with our understanding of the law and our interpretation of it at the time of publication. The proposed reforms we will discuss have not yet been drafted in legislation; and are subject to change.