Turning 75, no longer means you need to make big decisions about your pension savings if you don’t want to. You can usually keep things running as they are. But it's a good moment to pause and reflect on some factors, which you may want to consider either now or in the next couple of years.
- You can’t claim tax relief on new pension contributions after 75.
- Some older pension plans may limit your choices at this stage, so it’s worth reviewing your options.
- If you die after 75, any remaining pension funds passed on to loved ones are usually taxed at their income tax rate.
- If you have multiple different pension schemes or pensions you have not touched yet, you may want to consider:
- how you take benefits
- the level of withdrawals you are taking or wanting to take
- the potential changes coming in from April 2027 and that most unused pension funds will be inside the estate for inheritance tax (IHT).
In short, age 75 is no longer a time when decisions need to be made. It should however act as a reminder to review your pension provision and any benefits you're taking to ensure it still suits your needs, and to adjust it if necessary.
This article reflects our understanding of current legislation, which may change. While we can provide information, we can’t give you advice and therefore we recommend you seek professional advice before making any financial decisions. Investments can go down as well as up, and you may not get back the amount invested. Tax treatment depends on individual circumstances and available reliefs may vary.
The resources on Your Wealth can help you find a financial adviser in your local area.