Marvin Onumonu95% of financial advisers are concerned about new rules bringing pensions into inheritance tax (IHT) and income tax for deaths after 75 from April 2027, according to a poll from Quilter.
Nearly half (45%) said they were extremely concerned.
Advisers expect two thirds (66%) of their clients will be affected and need IHT advice, up from 52% earlier in the year.
This comes as frozen thresholds, cuts to capital gains tax (CGT) allowances and higher dividend taxes add to the overall tax burden for households.
Advisers said they are now rethinking the old advice that pensions should be the last asset touched in retirement.
Most (93%) now see planning for these changes as a top priority, with 90% wanting more support on trusts and estate strategies.
Roddy Munro, head of technical sales at Quilter, said: “Bringing pensions into the ambit of IHT has changed the rules of the game for retirement and estate planning.
“For years, advisers have helped clients build pensions that could provide support both in later life and for loved ones when they are gone.
“The shift to bring pensions within IHT means those long-held assumptions need to be revisited and strategies adapted in good time.”
Munro added: “People want to feel confident that their hard-earned wealth will benefit their family rather than be lost to avoidable tax.
“Advisers are stepping up to provide that reassurance and are looking for the right guidance and tools to help determine where wealth should sit and in what wrappers going forward.
“By acting early, advisers can demonstrate real value and help clients protect their future choices.”
He said: “We are committed to supporting them through this change with clarity, strong technical expertise and practical solutions.”
