Royal London has launched a new estate and inheritance planning framework to help adviser firms prepare for the changes to the inheritance tax and personal representative responsibilities coming into force from April 2027.
The framework comes as part of a wider suite of adviser support, including implementation resources and tools designed to help firms prepare for the reforms and embed effective estate planning processes.
The support suite also links with Royal London’s Personalised Client Review Service (PCRS), helping firms identify pension and ISA clients whose circumstances may warrant a review ahead of the reforms.
It has been designed to complement Royal London’s Client Review Process (CRP), recognising that for many firms estate planning forms a natural extension of retirement advice enabling a more joined-up approach to retirement, estate and legacy planning.
Royal London recognises that each firm’s advice proposition will be different, but hopes the framework will provide a structured foundation that firms can adapt, helping them deliver consistent and robust client outcomes as the reforms take effect.
The launch comes as firms assess the implications of bringing most unused pension funds and pension death benefits within the scope of inheritance tax from April 2027, acting as the first phase of Royal London’s wider adviser programme, with more to be released throughout the year.
Ken Scott, lead proposition actuary, Royal London, said: “The changes coming in April 2027 represent the most significant shift in pensions and estate planning since Pension Freedoms were introduced.
“These reforms are prompting advisers to rethink how their clients’ pension fits into their wider plans for passing wealth to future generations.
“For advisers, this means identifying clients who may be affected, reviewing beneficiary nominations, retirement income strategies and existing estate planning arrangements, and helping families understand the practical implications of these changes. It’s also likely many advisers will assume a more active role in record-keeping and the subsequent estate calculation upon the death of a client.
“Advice will always be personal to the individual client, but the processes that sit behind that advice need to be structured and repeatable. The framework provides firms with a practical example of how they can build those processes, adapting them to suit their own business and client proposition.”
