Retirees across the UK are being warned they must take immediate action to safeguard their wealth ahead of the Chancellor's upcoming Autumn Statement.
Rachel Reeves is set to announce her Budget on November 26, with financial experts speculating she may target inheritance tax and pension rules to address the Treasury's estimated £20 billion black hole.
Potential Changes Looming
Andrew Byers from end-of-life planning firm SafeKeep told the Manchester Evening News: "Pensioners could miss out financially if they fail to get organised before potential changes to inheritance and pension rules take effect."
Recent data reveals that 40% of Britons are concerned about upcoming alterations to pensions and inheritance tax, while 23% are already planning to give away money to reduce their potential inheritance tax liability.
Although the government has committed to maintaining the state pension triple lock - which will see payments increase by approximately 4.8% from April 2026 - the Treasury is expected to explore other revenue-raising measures.
Practical Steps to Protect Your Wealth
Financial experts suggest several immediate actions pensioners can take to protect their assets:
With inheritance tax thresholds frozen since 2009, more families are being drawn into the tax net as property and pension values continue to grow.
Byers highlighted one effective strategy: "Using the £3,000 annual gifting exemption for two spouses over five years can remove £30,000 from an estate, avoiding up to £12,000 in inheritance tax at current rates."
He added crucial advice for the 22.7 million Britons holding Premium Bonds: "To ensure your loved ones receive what's owed, keep your bond details clearly recorded among your financial documents and make sure your NS&I online account is accessible."
Digital Preparation Can Save Thousands
Organising your financial affairs digitally now could prevent significant stress and costs for your family later.
"Digitising your documents now can save your family stress, delay, and potentially thousands in unclaimed funds and legal costs later on," Byers emphasised.
With the state pension rising to £12,530 per year from April 2026 - just under the personal tax allowance of £12,570 - pensioners are also advised to review their income arrangements.
The message from financial experts is clear: acting before November 26 could make a substantial difference to your family's financial future.
