Seniors raiding retirement pots to beat Reeves' IHT

PENSIONERS are choosing to spend their retirement savings on luxury holidays rather than see them swallowed by Rachel Reeves’ planned inheritance tax (IHT) raid.

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More than half of over-45s with pension pots worth at least £300,000 say they now plan to spend more of their pension rather than risk passing a large chunk of it to HMRC on death, according to a survey by wealth manager RBC Brewin Dolphin.

Of those, three-quarters intend to use the money to fund holidays, which is triggering a boom in long-haul travel bookings.