Overview
- The Labour government has confirmed unused pension funds and death benefits will be brought into Inheritance Tax from April 6, 2027.
- Canada Life reports 47% of couples do not know where a partner's will is stored, with two thirds unable to locate parents' wills and 87% unsure about a sibling's.
- Document gaps extend to pensions, as 37% cannot find a partner's pension paperwork and 58% do not know where their parents' policies are kept.
- Experts warn that missing paperwork can slow probate, postpone payments to beneficiaries and risk penalties if tax bills are not settled on time.
- Private pensions are the second-largest household asset after property, and further gaps include life insurance and debts, with many unable to locate partners' policies or loan documents.