Article last updated 6 November 2026.
Changes affecting pensions mean that reviewing your plans now could help you pass on more of your wealth in the way you intend.
You may have spent decades building your career and wealth. Along the way, your financial arrangements may have become increasingly complex, including salary, bonuses, equity awards, property, and pension savings from several different roles.
You understand the importance of managing risk. But planning what happens to your wealth after your death can still be easy to put off. It involves more than understanding the value of your assets. It also means considering who you want to benefit, how you would like to support them, and what you want your wealth to achieve over the long term.
Our research with C-suite executives and senior leaders across financial services, technology, professional services, and manufacturing found that inheritance tax was a consistent concern.
That’s the biggest concern to me. To then get whacked with 20% on the total value – not just the house, but all of the assets I own.
- COO, professional services
For many years, pensions have played an important role in estate planning. They have generally sat outside an estate and could be passed on tax efficiently.
The April 2026 reforms brought unspent pension funds within the scope of inheritance tax. For executives who have used pensions as a way to transfer wealth over the long term, this could significantly change their plans.
“Pensions used to be the best advice. Now they’re probably the worst in terms of tax. So that is the biggest thing, definitely.”
- Tax adviser to high-net-worth individuals
The potential impact can be significant. A C-suite executive with a £4m estate, including £1.5m in unspent pension savings, could face an inheritance tax liability of £1.4m or more. This is wealth that might otherwise pass to a spouse, children, or other chosen beneficiaries.
The right planning may help reduce this liability. More importantly, it can give you greater clarity about how your wealth will be managed and passed on.
There are around 431,750 people in the UK earning £200,000 or more a year. Many are still building their wealth through income, pensions, property, and equity awards. They may think of themselves as high earners rather than people with high net worth, even when the overall value of their assets suggests otherwise.
“I have a very high income that’s taxed at an obscene level. I genuinely don’t know, and it’s frustrating, because I’m an intelligent person who works in finance.”
- CFO, technology
For senior executives, financial planning often needs to bring together three areas:
These areas should not be considered in isolation. Yet an executive’s finances can often include deferred equity, a final-salary pension, a self-invested personal pension, property, ISAs, and international assets, managed by different advisers.
Without a complete view, important connections can be missed. An accountant may not know when equity awards will vest, while a pension adviser may not have a clear picture of property or other investments. Bringing these arrangements together can help create a more coherent, long-term plan.
For the executives who took part in our research, legacy planning was not simply about reducing a tax bill. It was about what their wealth represented and what they wanted it to achieve.
I want my kids to have the opportunities that my parents struggled to give to me. They will inherit generational wealth in a way that I didn’t.
- CFO, banking
Many people want to give the next generation greater opportunities without removing the challenges that help build confidence and resilience.
Good legacy planning can help balance these priorities. It gives you the opportunity to decide what you want to pass on, who should benefit, how they should receive it, and how your values can be reflected in your plans.
Our research found that senior executives are not looking for a product pitch or a standard solution. They want a constructive conversation with someone who understands the complexity of their financial position and can help them consider their options.
That is the type of conversation we aim to have at Rathbones.
We begin by looking at the full picture, including your pensions, equity arrangements, property, investments, and family circumstances. We can then work alongside your tax and legal advisers to help build a joined-up strategy around your long-term goals.
Investing is designed to grow your money over time, but investments can fall as well as rise in value, particularly over shorter periods. Taking a long-term approach can help smooth some of these movements, although returns are not guaranteed.
If you have been meaning to review your legacy plans, use the enquiry form below to have a no obligation conversation to our expert team.
Statistics based on Barton modelling 2026 using latest available HMRC, ONS and Altrata data.
