September 2026 - Investing For Tomorrow

That is the purpose of the pensions dashboard initiative. It is designed to enable people to view information about their workplace and personal pensions online, helping them reconnect with lost or forgotten pension pots and build a clearer picture of their retirement savings.

A clearer view of your pensions

The government-backed MoneyHelper Pensions Dashboard is being developed by the Money and Pensions Service (MaPS). It is intended to be free to use and will complement the wider guidance and support.

Rather than providing financial advice, the dashboard is designed to give savers a consolidated view of their pension information. This could make it easier to understand what they have accumulated and to identify where further action may be needed.

Finding forgotten pension pots

One of the biggest potential benefits is pension tracing. It is common for people to accumulate several pension pots throughout their working lives, particularly when changing jobs. Over time, it can become surprisingly difficult to remember which providers hold those savings.

The dashboard should make this process easier by enabling users to search for their pension records and view information in one place. For someone with multiple pension pots, this could provide a much clearer picture of their overall retirement position and highlight pensions they may have forgotten about.

Why has it taken so long?

Although the concept sounds simple, building the infrastructure behind the dashboard has been a major undertaking. Pension providers and schemes have had to connect their systems, improve the quality and accuracy of their data and ensure that sensitive financial information can be exchanged securely.

The timetable has also changed. The Pensions Dashboards (Amendment) Regulations 2023 replaced the previous staged approach with a single legal deadline, requiring relevant pension schemes and providers to connect to the ecosystem.

The countdown is underway

That deadline is approaching. Pension schemes and providers within scope must be connected to the pensions dashboards ecosystem and able to respond to information requests by 31 October 2026 at the latest.

For consumers, however, this does not mean the dashboard will automatically be available from that date. Connecting pension schemes is an important milestone, but the public launch depends on the wider system being ready.

When will you be able to use it?

This is where some uncertainty remains. There is currently no confirmed public launch date for the MoneyHelper Pensions Dashboard. The latest plans indicate it is expected to become available in the 2027/28 financial year.

Before the dashboard can launch, the service needs to demonstrate that the underlying ecosystem is safe, secure, reliable and sufficiently comprehensive. Consumer testing is also ongoing, helping to identify potential issues with the user experience before the service becomes available more widely.

What should savers do now?

There is no need to wait for the dashboard before taking control of your pension savings. If you have changed jobs over the years, now could be a good time to check that you know where your pension pots are held and that your providers have your current contact details.

It is also worth reviewing your expected retirement income and assessing whether your current pension contributions are on track to meet your objectives. The dashboard should eventually make this process easier, but it will provide information rather than personalised financial advice.

Making your pensions work together

Once available, the pensions dashboard could be a valuable tool for anyone with multiple pension pots. A clearer picture of your savings may help you make more informed decisions about your retirement and identify areas that need further attention.

However, simply seeing your pensions in one place does not necessarily mean that combining or changing them is the right option. Different pensions can offer valuable benefits, guarantees or investment arrangements that could be lost if you transfer them.

This article does not constitute tax, legal or financial advice and should not be relied upon as such. For guidance, seek professional advice. A pension is a long-term investment not normally accessible until age 55 (57 from April 2028, unless the plan has a protected pension age). The value of your investments (and any income from them) can go up or down, which would affect the level of pension benefits available. Investments can rise or fall in value, and you may receive back less than you invested.

Capital gains could come under scrutiny

Capital Gains Tax (CGT) is one area attracting particular attention. Possible changes could include raising CGT rates to bring them closer to Income Tax rates, or altering the reliefs and allowances available to investors and business owners. Such measures could affect people selling investments, second homes or businesses.

The annual CGT-exempt amount is already modest, so more investors could face tax on sales outside tax-efficient wrappers. Any further changes could make the timing of disposals and the use of Individual Savings Accounts (ISAs) and pensions increasingly important.

Property and wealth in focus

Property taxation could also feature in the Chancellor’s thinking. Speculation has centred on changes affecting higher-value properties, although the government has denied reports that it plans to replace Council Tax and stamp duty with a land value tax in the immediate Budget.

A broader tax on wealth has also been discussed, although there is currently no confirmed proposal for a new wealth tax. Inheritance Tax (IHT) could remain another area to watch, particularly as most unused pension funds are due to come within the IHT regime from April 2027.

Quiet impact of frozen thresholds

Tax rises do not necessarily require an increase in headline rates. Keeping allowances and thresholds frozen while wages and asset values rise can gradually increase the amount people pay through fiscal drag.

For 2026/27, the Personal Allowance remains at £12,570, while the higher rate threshold is £50,270 in England, Wales and Northern Ireland. As incomes rise, more people may find themselves paying tax or moving into higher tax bands, even though the rates themselves do not change.

Be prepared, not reactive

Your financial future is too important to be shaped by rumours, headlines or knee-jerk reactions. A better approach is to understand where you stand before the Budget and identify areas that may warrant attention.

Whether you are approaching retirement, building your investments, running a business or thinking about your family’s future, potential Budget changes may make it worthwhile to review your financial position.

We can consider the following areas:

Pension contributions and retirement planning
ISA allowances and investment planning
Capital Gains Tax and gains on investments or other assets
Inheritance Tax, gifting and estate planning
Business remuneration, dividends and extraction strategies
The suitability of your investment strategy in changing market conditions

Review before the Budget

You do not need to predict what the Chancellor will announce. You simply need to understand your current position and where potential changes could affect you.

By reviewing your circumstances ahead of  28 October, we can identify areas that may require further consideration. Once the Chancellor has announced the measures and the details of any subsequent legislation are known, we can assess whether action is appropriate for you.

That means less guesswork, fewer knee-jerk decisions and a financial plan tailored to your circumstances, not to the latest headline.

This article does not constitute tax, legal or financial advice and should not be relied upon as such. Estate and tax planning are not regulated by the Financial Conduct Authority. For guidance, seek professional advice.

Planning for retirement together makes sound financial sense. After a lifetime of saving, a pension can be a significant asset, potentially comparable to the value of the family home. Understanding what you both have, how much it could provide and what may happen if one of you dies can help you make more informed decisions.

Open up the conversation

A useful first step is to gather details of your pensions, savings and other investments. Understanding the value of each pension, how it could provide an income and what death benefits may be available can give both partners a clearer picture of their financial position.

It can also be worth considering whether pension contributions are balanced between you. For example, where one partner is a higher earner and approaching relevant pension allowances, there may be circumstances in which making additional contributions to their partner’s pension could form part of a wider financial strategy.

Look beyond retirement income

Couples should also understand what could happen to their pensions if one partner dies. The tax treatment of pension benefits can depend on several factors, including the deceased’s age. From 6 April 2027, unused pension funds and certain death benefits will be included in Inheritance Tax calculations if an estate exceeds the relevant thresholds.

This makes it particularly important to discuss when and how pensions should be accessed alongside other savings and investments. Depending on individual circumstances, deciding which assets to draw on first could have implications for retirement income, tax and plans for passing wealth to beneficiaries.

Avoid taking too much too soon

How much you withdraw from a pension can be just as important as how much you have saved. Withdrawing large amounts too quickly could result in unnecessary tax and leave less money available for later life.

Couples should consider their expected spending, other sources of income and how long their savings may need to last. It is also worth allowing for unexpected costs and the possibility that spending patterns will change throughout retirement.

Make sure you both know

It is important that each partner knows where pension information is held and who to contact if the other partner dies. Even carefully considered financial arrangements can become difficult to manage if only one person knows the key details.

Reviewing your plans together can help identify potential gaps and provide a clearer picture of the lifestyle you can afford. Professional  advice is particularly valuable for couples approaching retirement, helping them consider their pensions, income needs, tax position and longer-term objectives.

Source data:

[1] LV= surveyed 4,000 nationally representative UK adults via an online omnibus conducted by Opinium in December 2024.

This article does not constitute tax, legal or financial advice and should not be relied upon as such. Tax and estate planning are not regulated by the Financial Conduct Authority, depend on the individual circumstances of each client, and may be subject to change in the future. For guidance, seek professional advice. A pension is a long-term investment not normally accessible until age 55 (57 from April 2028, unless the plan has a protected pension age). The value of your investments (and any income from them) can go down as well as up, which would affect the level of pension benefits available. The tax implications of pension withdrawals will be based on your individual circumstances. Thresholds, percentage rates, and tax legislation may change in subsequent finance acts. Investments can fall as well as rise in value, and you may receive back less than you invest.

A growing retirement crisis

The findings paint a concerning picture of the UK’s retirement landscape. Around 45% of working-age adults are not contributing to a pension, despite many of them being employed. Meanwhile, millions who are saving are contributing only the minimum required under automatic enrolment, which may not be enough to ensure a comfortable retirement.

The Commission estimates that, without intervention, the number of people under-saving for retirement could rise from 15 million to 19 million over the coming decades. This situation poses a potential pensions “timebomb” that could leave future retirees struggling to maintain their standard of living.

Who is most at risk?

Women continue to face a significant pension gap, often due to career breaks, part-time work and lower lifetime earnings. The report also highlights the challenges faced by self-employed workers, many of whom do not benefit from workplace pension schemes or employer contributions.

Low- and middle-income earners are another vulnerable group. Many rely solely on minimum pension contributions and have little additional savings to support them in retirement. As life expectancy continues to rise, the risk of outliving retirement savings is becoming an increasingly important issue.

The danger of accessing pensions too early

The report also raises concerns about the use of pension savings. Since the introduction of pension freedoms, many individuals have chosen to access their pension pots at the earliest opportunity.

Research cited by the Commission indicates that a significant number of savers are withdrawing their tax-free cash and spending it on items such as cars, holidays and home improvements. While these purchases may be appealing in the short term, they can significantly reduce the income available in later retirement.

Why acting early matters

The good news is that small changes made today can have a significant impact over time. Increasing pension contributions, reviewing investment choices, and making the most of employer contributions can all help improve retirement outcomes.

The earlier people start planning for their pensions, the greater the opportunity to benefit from long-term investment growth and compound returns. Waiting until retirement is approaching can make catching up far more difficult and expensive.

Don’t leave your future to chance – time to get the guidance you need to plan with certainty?

The Pensions Commission’s findings are a timely reminder that retirement planning cannot be ignored. With millions already under-saving and future retirees facing mounting financial pressures, taking action sooner rather than later could make all the difference.

If you would like to review your pension arrangements, assess whether you are saving enough for retirement, or explore ways to improve your long-term financial security, please contact us for further information and professional guidance.

Source data:

[1] Pensions 2050: Evidence and Future Priorities (The Second Pensions Commission) 15 May 2026

THIS ARTICLE DOES NOT CONSTITUTE TAX, LEGAL OR FINANCIAL ADVICE AND SHOULD NOT BE RELIED UPON AS SUCH. FOR GUIDANCE, SEEK PROFESSIONAL ADVICE. A PENSION IS A LONG-TERM INVESTMENT NOT NORMALLY ACCESSIBLE UNTIL AGE 55 (57 FROM APRIL 2028, UNLESS THE PLAN HAS A PROTECTED PENSION AGE). THE VALUE OF YOUR INVESTMENTS (AND ANY INCOME FROM THEM) CAN GO UP OR DOWN, WHICH WOULD AFFECT THE LEVEL OF PENSION BENEFITS AVAILABLE. INVESTMENTS CAN RISE OR FALL IN VALUE, AND YOU MAY RECEIVE BACK LESS THAN YOU INVEST.

Callum makes striding progress towards becoming a financial adviser

We’re delighted to share that Callum has passed his Level 4 Diploma in Regulated Financial Planning – a major milestone on his journey to becoming a financial adviser.

Callum joined Investing For Tomorrow in 2022 as a business administration apprentice through Calderdale College, and has been working hard ever since to build his career in financial planning. Having passed his Level 4 Diploma, he’s now stepped into the role of Financial Planner and is listed on the FCA’s Financial Services Register.

Callum will spend the coming months working alongside Toby and Gary to be formally signed off as a “competent adviser”, with the aim of taking on more advising responsibility himself in 2027.

Callum said: “I’m excited to take the next steps in my career towards becoming a fully qualified financial adviser. Starting out as the office apprentice four years ago, I was passionate about working closely with clients to make a genuine, positive difference and help them achieve their financial goals. Being given the opportunity to train as a financial adviser has been an amazing experience — but I know this is still just the beginning of my learning journey.”

Callum will now continue working towards Chartered Status, a process that will still take a couple more years of hard work and dedication – not to mention plenty more exams!

The Office for Budget Responsibility estimates that the government will raise £14.5 billion a year by the 2030s, suggesting that more estates are being brought into the tax net. Against this backdrop, even simple planning errors can prove costly. Many families unknowingly reduce the wealth passed on to loved ones by overlooking key exemptions, misunderstanding gifting rules, or failing to plan early enough.

Ignoring the nil-rate band allowance

One of the most common mistakes is failing to make full use of the current 2026/27 £325,000 nil-rate band, which allows an individual to pass on assets free of Inheritance Tax up to that threshold. Anything above it may be taxed at 40%.

Where property is involved, the residence nil-rate band can also apply, but only in specific circumstances. Failing to structure your estate correctly can result in unnecessary tax.

Not using the residence allowance correctly

The residence nil-rate band can increase the tax-free allowance when a main home is passed to direct descendants. However, it is often misunderstood or overlooked.

If an estate is worth more than £2 million, this allowance may be tapered or lost entirely. Without careful planning, families may miss out on significant tax relief that could otherwise reduce their overall liability.

Poorly planned lifetime gifting

Gifting assets during your lifetime can be an effective way to reduce the size of your estate, but timing and structure are crucial. Gifts made more than seven years before death are generally exempt from IHT, but those made within this period may still be taxed.

There is also the annual £3,000 gifting allowance, which many people overlook. Over time, unused allowances represent a missed opportunity to reduce future tax bills.

Overlooking regular income exemptions

Some individuals do not realise that gifts from surplus income can be exempt from Inheritance Tax, provided they form part of a regular pattern and do not affect their standard of living.

This exemption is often underused, despite being one of the most effective ways to transfer wealth gradually over time without triggering tax liabilities.

Keeping assets in inefficient structures

Another common mistake is holding wealth in the wrong type of account or structure. Assets held in taxable estates can increase the overall IHT liability, particularly when investments have grown significantly in value.

Without regular reviews, portfolios may become inefficient for estate planning, leaving beneficiaries with a reduced inheritance.

Failing to plan early enough

Perhaps the most costly mistake is leaving planning until too late. Inheritance Tax is not just a concern for the very wealthy; rising property values and frozen thresholds mean that more families are affected each year.

Early planning allows more time to use exemptions, restructure assets and reduce potential tax exposure in a controlled and effective manner.

Taking action before it’s too late

With Inheritance Tax receipts continuing to rise and more estates coming within scope each year, avoiding common planning mistakes has never been more important. Small adjustments made today could significantly affect the wealth passed on to future generations.

If you would like to understand how Inheritance Tax rules may affect your estate or to explore ways to reduce any potential liability, please contact us for further information or to arrange a tailored financial planning review.

THIS ARTICLE IS FOR INFORMATIONAL PURPOSES ONLY AND DOES NOT CONSTITUTE TAX, LEGAL OR FINANCIAL ADVICE. TAX TREATMENT DEPENDS ON INDIVIDUAL CIRCUMSTANCES AND MAY CHANGE IN THE FUTURE. INHERITANCE TAX, ESTATE PLANNING AND TRUSTS ARE NOT REGULATED BY THE FINANCIAL CONDUCT AUTHORITY.

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email: info@iftwm.com

Month: September 2026