E48: Are you ready for the 'great wealth transfer'? With Niaz Azad, Annaliese Barber, and Dan Stean
The Pension Confident PodcastShow Notes
Did you know that over the next 30 years, Baby Boomers are expected to pass down an astonishing £5.5 trillion in assets? It's being called one of the largest movements of wealth in British history. So are you ready for the 'great wealth transfer'? Many Millennials are facing tough financial challenges - with lingering student loans, high rent or mortgage costs and expensive childcare. A wealth transfer could be transformative for this generation. But here's the catch: without proper estate and financial planning, many families could face hefty tax bills. And from April next year, pensions will be included in estates for Inheritance Tax purposes, which could push that tax bill much higher! Join our host, Philippa Lamb, and our expert panel as they discuss the 'great wealth transfer': Co-Founder of Millennial Money UK, Niaz Azad; Solicitor and Director at Richard Reed Solicitors, Annaliese Barber; and Senior Performance Management Manager at PensionBee; Dan Stean.
Episode breakdown 01:55 Planning for an inheritance 03:58 Generational divide between Baby Boomers and Millennials 07:27 From meritocracy, to inheritocracy 10:50 Inheritance Tax (IHT) basics and thresholds 15:07 Wills matter, even when young 18:37 Estate planning conversations create clarity 21:03 Gifting rules and pitfalls 23:56 When family dynamics and money collide
Further reading and listening To learn more about intergenerational wealth, check out these articles and podcasts from PensionBee: E20: What to do when someone dies (Podcast) E28: The Bank of Mum and Dad - what's the impact on your pension? (Podcast) Estate planning - PensionBee's Milestone Moments (YouTube) Pension beneficiaries (Article) Pension rules after death (Article) Inheritance Tax guide (Article) What to do with inheritance money? (Blog) Six money conversations you need to have with your family (Blog) Writing a will (Article)
Other useful resources 3 million pensioner millionaires (The Intergenerational Foundation) Busting the "wealthy boomers" myth (Centre for Ageing Better) British millennials still bearing scars of 2008 financial crisis, says research (The Guardian) Check who can apply for probate and inherit if someone dies without a will (GOV.UK) How do I write a will and how much does it cost? (MoneyHelper) Inheritance Tax rules on gifts (MoneyHelper) Setting up a trust fund (MoneyHelper)
Catch up on the latest news, read our transcripts or watch on YouTube: The Pension Confident Podcast The Pension Confident Podcast on YouTube
Follow PensionBee (@PensionBee) on TikTok, YouTube, Instagram, LinkedIn, Facebook, X and Threads. Follow Millennial Money UK (@MillMoneyUK) on TikTok, YouTube, Instagram, LinkedIn, Facebook and X. Follow Richard Reed Solicitors (@richardreedsolicitors) on Instagram, LinkedIn and Facebook.
Enjoying the podcast? Tell us what you think below and give us a review or rating. As always we'd love to hear your suggestions and feedback. Send us an email: [email protected].
More from The Pension Confident Podcast
In this bonus episode, we hear from PensionBee customer Jonathan as he shares his pension story. From the trusty spreadsheet he started with his wife 24 years ago, to now being on track to be mortgage-free in two years - before they hit age 50. We unpack Jonathan's financial journey with pensions expert Dan Stean from PensionBee, covering: what overpaying a mortgage means and why you should check for Early Repayment Charges (ERCs) first; how to weigh mortgage overpayments against pension contributions and how calculators can help; and why planning your finances together as a couple can help, married or not.
If you had some spare cash each month, where would you spend it? Overpaying your mortgage or giving your pension savings a boost? Join our host, Philippa Lamb, and Maike Currie, VP Personal Finance at PensionBee, as they discuss the benefits and considerations of making extra payments on your mortgage vs. topping up your pension pot.
Do you know what your money is invested in? And do you feel confident you're making the right choices? Some of us are investing in the 'default' plan, whether that's through a Stocks and Shares ISA or a workplace pension. Others are dabbling in crypto or gold. And many of us aren't even investing at all, preferring the safety of keeping cash tucked away in a savings account. Join our host, Philippa Lamb, and our expert panel as they discuss investing fundamentals: Content Creator 'That Money Guy', Gabriel Nussbaum; Founder and CEO of rainchq, Davinia Tomlinson; and Senior Investment Content Manager at PensionBee, Matt Batsman.
In this bonus episode, we hear from PensionBee customer Joumana as she shares her pension story. From moving to the UK from Lebanon 13 years ago with no idea a personal pension was even an option, to buying back missing National Insurance years and picking an investment plan that matches her appetite for risk as a freelancer. We unpack Joumana's pension journey with pensions expert Dani Skerrett from PensionBee, covering: why the self-employed pension gap exists, and how flexible contributions can help; how to check and fill gaps in your National Insurance record; how your pension is protected by the FSCS; and the Retirement Living Standards, and what they mean for your own retirement goal.
With the kids back at school, is now the time to start saving or investing for their future? Join our host, Philippa Lamb, and Maike Currie, VP Personal Finance at PensionBee, as they break down the key differences between a Junior ISA and a Junior SIPP, how each is taxed, and which one might be right for your family.