A Government proposal to impose inheritance tax on unspent retirement savings has drawn significant criticism. The plan would affect families of workers who die before reaching pension age, forcing them to pay large bills on the deceased's retirement pots. Critics have questioned the move, with Ian Cook of wealth manager Quilter Cheviot arguing that charging inheritance tax on pension pots if someone dies before retirement age is "abhorrent." A Treasury spokesman said: "We continue to incentivise pensions savings for their intended purpose – of funding retirement instead of them being openly used as a vehicle to transfer wealth – and more than 90% of estates each year will continue to pay no inheritance tax after these and other changes."
