Hmrc warning to anyone who has 'retirement savings' stashed away

New HMRC regulations are threatening the future of our nest eggs, with worries that retirement savings may face jeopardy due to pensions becoming subject to inheritance tax (IHT) from 2027,

as highlighted by a study from Charles Stanley Direct. A recent poll indicates that over 26% of investors plan to take money out of their pension pots "as early as possible" to

employ it in a more tax-efficient manner, reports Birmingham Live. Charles Stanley's chief investment analyst, Rob Morgan, has voiced concerns saying: "Clear risks arise when

pensions are drawn down prematurely or contributions are reduced." He emphasised the need for careful planning: "Decisions made without forensic attention to detail and

consideration of all long-term outcomes can lead to unfortunate consequences in retirement." Morgan pointed out: "The Labour Party Chancellor's decision to include pensions

within the inheritance tax umbrella is affecting investor behaviour already, two years before the changes come into effect." With IHT thresholds fixed until 2030, he notes that it makes

sense for families to think about protecting their assets as more estates will likely have to pay the tax. Nevertheless, he insists: "With each individual having their own desired

outcome for their estates, it's vital that professional financial advice is sought so that they can have the right plan in place." The survey discovered that 26% of 'DIY

investors' intend to withdraw their pension funds as soon as possible for more tax-efficient use. Additionally, 21% aim to withdraw pension funds to gift to family members, while 18%

plan to spend their pension pot more quickly to exclude it from their estate. These changes could result in inherited pension pots being subject to a combined 52%, 64%, or 67% income tax and

IHT, depending on the tax bracket of the inheritor, for combined assets exceeding the £325,000 IHT "nil-rate band".