Most workplace pensions will attract inheritance tax from 2027, so older people should consider their options

• Rich retirees splashing pension lump sums to avoid ‘IHT raid’

At the moment, pensions tend to be outside people’s estates for inheritance tax (IHT) purposes. But last autumn Rachel Reeves announced that money left in a defined contribution (AKA money purchase) pension after your death will be pulled into the IHT net from April 2027.