More than half (54%) of UK adults are planning to gift or spend their pension saving in response to inheritance tax (IHT) changes which come into effect in just over two years, according to a snap poll.

       Interactive Investor, a DIY investment platform, said data it had received via a Freedom of Information request found that almost 153,000 estates will face a new or additional IHT bill by 2030.

       Interactive investors said the Office for Budget Responsibility (OBR) data revealed that 31,200 additional estates will become liable for IHT by the end of the 2029/30 tax year if the proposed changes Chancellor Rachel Reeves announced last October are enacted.

       Pensions will no longer be exempt from inheritance tax from April 2027, and the pensions industry is expected to be consulted about how the changes will be implemented.

       However, Interactive Investor's survey of over 1,000 savers found that 52% used their pension to help manage their inheritance tax bill, and 24% said their pension played a smaller part in their inheritance tax planning.

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       In the October Budget, the Chancellor announced plans to include unused pension savings and certain pension death benefits in the value of estates for IHT purposes from 6 April 2027.

       According to OBR estimates, the average IHT liability tax bill is expected to be ￡169,000 in the 2027/28 tax year, but it will increase by ￡34,000 when pension assets are included in the value of the estate.

       When asked about confidence in the pensions system, the largest proportion, 44%, of respondents said they had none, with a further 17% unsure.

       While the final details of how IHT on pensions will be implemented remain unclear, at least 21% of respondents plan to withdraw more money from their pension than originally intended and spend it.

       Another 19% plan to withdraw more and gift it, 8% intend to reduce their pension contributions, and 6% plan to retire earlier than originally expected due to the impending change.

       Meanwhile, 13% remain undecided, while 34% have not considered altering their current retirement or estate planning strategy.

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       Myron Jobson, senior personal finance analyst and interactive investor, said: “Our survey shows that, despite uncertainty over how IHT on pensions will be implemented, many people are already considering pre-emptive steps to reduce their future tax burden.

       “It’s interesting to see that more people are considering drawing down larger sums from their pensions in response to these changes. At first glance, this might seem like a savvy move -accessing funds now to spend or gift before new tax rules come into effect.

       “But there are important trade-offs to consider. Withdrawing more than necessary could push retirees into higher tax brackets, resulting in an unnecessarily large tax bill. There’s also the risk of depleting pension savings too quickly, leaving less for later life. While gifting money can be a tax-efficient strategy, careful planning is essential to avoid unintended financial pitfalls.

       “Significant changes to the pensions system risk undermining confidence in it. Pensions are long-term investments, and frequent rule changes can leave savers uncertain about the future. It’s little wonder that 44% of respondents in our survey say they have no confidence in the system."