Mike Haynes comments on the rise in inheritance tax avoidance through pension schemes
Head of Employment and Pensions, Mike Haynes, comments on the increasing use of junior pension schemes by parents and grandparents to avoid inheritance tax, in eprivateclient.
Mike’s comments were published in eprivateclient, 25 July 2023.
“Saving now puts a lot of trust in the UK pension tax system, which based on recent reforms and the behaviour of successive UK governments, is a gigantic leap of faith.
“Saving into a pension scheme is a unique form of investment because you are committed for the long term. Money cannot normally be extracted before retirement age (currently 55). That is a long time when you consider how frequently UK pension scheme rules change.”