In our weekly series, readers can email any questions about their finances to be answered by our expert, Rosie Hooper. Rosie is a chartered financial planner at Quilter Cheviot and has worked in financial services for 25 years. If you have a question for her, email us at money@inews.co.uk.
Question: I am aged 77 and widowed. I am concerned that, after next year, if I die, my children will pay a lot of tax on my pension. It doesn’t seem fair that I have saved all my life and my family will have to pay inheritance tax on my savings and now my pension. Is there anything I can do?
Answer: It’s completely understandable to feel frustrated about this. You’ve spent years building up your savings, doing exactly what you were encouraged to do, so it is unsettling to think your children could face a significant tax bill on top of everything else.
Shorts
You’re also right to be looking ahead, because the rules around pensions and inheritance tax are changing, and the timing is now quite clear.
