In the 2024 Autumn Budget, the Chancellor Rachel Reeves announced that from 6 April 2027, pension death benefits will no longer be exempt from inheritance tax. Whilst the legislation has not yet been finalised – and is therefore subject to change – under the proposed changes, most unused pension funds and death benefits will be included within the value of a person’s estate for inheritance tax purposes from April 2027.  

We are expecting further details later this year and will update our Scheme members in due course. For the time being, please encourage your Ministers and staff to take into account the proposed change when planning their finances and when nominating beneficiary/ies for pension death benefits. We encourage all our Scheme members to review their Expression of Wish forms to ensure they are up to date and accurate. 

Scheme members can complete or update their Expression of Wish form at any time using the Scheme administrators’ secure portal, ‘Broadstone Engage Member’ or by contacting Broadstone at baptistpensions@broadstone.co.uk.

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