2027 Inheritance Tax & Pensions Shake Up: Everything You Need to Know

Transcript

Speaker 1 (00:00.088)
We know inheritance tax dubbed the most hated tax of all. New rules are coming in from April 2027. We're very concerned that people are not paying attention to this. Anybody who dies after April 2027, your pension is included in the value of your estate. In other words, it's added to all of your other assets. If you've named an executor, they now have to not just collect all of your estate as they did before, but now they have the additional job of combining, collecting, collating.

all of your pensions and paying the tax on it before they can distribute any money at all to your beneficiaries.

Speaker 2 (00:39.564)
Welcome back to Wealth Talk. My name is Christian Rodwell, Memship Director at Wealth Builders. Today's episode is a little different. You're about to hear the replay of a recent live webinar hosted by our founder, Kevin Whelan, together with our SaaS director, Paul Brooks. And the session created a huge amount of interest. And with so many people asking for the recording, we wanted to share it with the entire Wealth Talk community. And the reason is simple. From April 2027, major inheritance tax changes are coming.

that will affect anyone with a pension. And these rules aren't proposals, they're confirmed. And if you've built up a pension, own a property, run a business, or simply have a growing estate, you could be pulled into the inheritance tax net without realizing it. So in this replay, Kevin and Paul break down what's changing, why it matters, and the practical steps every family should be taking now. You'll learn how pensions will be treated different from 2027.

the hidden traps that could leave your executors with a serious problem, and why many households could end up paying far more tax than expected. They'll also walk through the importance of understanding your true value of your estate, how income and capital are treated differently for legacy planning, and what business owners can do, including how a SaaS can play a powerful role in long-term protection.

So if you want to safeguard what you've billed and avoid leaving unnecessary tax bills for your loved ones, this episode is well worth your time. And to help you take action, we've created a clear, easy to read inheritance tax guide that outlines everything you need to know. And you can download that now using the link in today's show notes. Okay, let's dive into the session.

This is what we're going to cover today. Well, we know inheritance tax or IHT short is a bit of a devil of a tax. It's dubbed the most hated tax of all, but new rules are coming in from April, 2027, collecting pensions. And we're going to cover that because we're very concerned that people are not paying attention to this. Obviously we know there is a budget coming around the corner.

Speaker 1 (02:49.166)
26th of November, latest autumn budget we've ever had. So we'll see what happens there when we'll produce a guide for that. So you can constantly keep yourself up to date. We'll talk about the kind of hidden pension traps, things you don't know, and certainly on pensions and certainly another one on life cover as well that we revealed today that caught a few people out. How a SaaS pension.

This best kept secret, as we call it, can help you mitigate your inheritance tax. And interestingly enough, Paul, this morning, we had many questions from people who had SAS's, but really weren't aware of how powerful they were.

We hear that a lot though, don't we, actually? It's people really not realizing quite how entrepreneurial and powerful this SAS tool can be.

Sure. You're right there. And then we'll have time for questions and plenty of opportunity for you to answer or ask any direct questions of us either by email or in person, because we recognize that everybody's situation is completely different. Everybody's situation demands a basically a very purposeful bespoke approach. having said that piece, would like to add that wealth builders

are the only holistic and independent wealth education company in the UK. We don't have anything to offer you this evening, just good solid information. And I'm tipping my virtual hat to you for taking time out of your Tuesday evening to spend time with us. The time will be well spent. Ladies and gentlemen, I promise you, you'll be banking tens of thousands of pounds as a result of what you learn. Anyway,

Speaker 1 (04:41.93)
One caveat though, if any of you follow us on the Wealth Talk podcast, we always say wealth builders believe you should always take independent tax, legal or financial advice before making decisions with your money. So it is this evening. Paul and I, who will introduce ourselves in a minute, are very well qualified people and we're both qualified IFAs. However, we will not be dispensing advice

just good quality information for you to then follow up on in due course. And what I'm most proud about as far as wealth bill is concerned, is I like to think of us a bit like a financial GP. We know a lot about what we call the family wealth fortress, which is our kind of overarching 360 view of money, which is your tax position. We'll be covering that. Your legal position, we'll definitely be touching on that.

Financial, definitely on that one. SaaS, for sure. Recurring income definitely gets prior to place within all wealth builder discussions and legacy. So these six touch points are the essence of creating, building, protecting and perpetuating your wealth. And it's not just us, we're the GP, but we do have lots and lots of specialists that we need from time to time.

Whatever the issues are, somebody who knows more than us about that. And often we get negotiated discounts for our members. So there is no area of wealth that we cannot help and serve you to get more knowledge on. Now, obviously I want to introduce Paul. So Paul is our SAS director here at Wealth Builders. So he'll field most of the questions on SAS. He worked with me.

for many years now, probably too many to mention. Definitely as an IFA or formerly, I'm still an IFA, but you focused on SAS Big Style. He's an absolute out and out pensions expert. And Paul, you must say something about your passion for SAS and why you authored our training and how many people have been helped as a result of that.

Speaker 2 (07:02.924)
Well, thank you. Very generous words, Kevin. I almost feel like I don't need to say anything. But no, absolutely right. It's a huge passion of mine. I was always interested in the more entrepreneurial vehicles, if you like, when I was an IFA. And that inevitably led to SAS. And of course, we did a little exploration of that together. And it's just been a huge passion of mine ever since. And it led me to, you know,

thoroughly enjoying the creation and the sort putting together of a wide range of our SaaS educational material, which people that work with us get access to. And even more than that, enjoy the personal work with thousands of property and business owners to help them shape their strategy.

Yeah, and I have to say, it's not that Paul burns the midnight hour every night. We have a team. So, you know, we head the teams within wealth builders on these particular subjects. for my sins, the elder statesmen of wealth builders, you can tell by the wizened expression of being around the block, being financially independent for more years than I can remember now, since 45, actually, being a mentor of individuals. I'm a very passionate teacher.

for at least 20 years now and love recurring income. Now that's a theme that runs through the very fabric of wealth builders and very essential for you to understand this when it comes to inheritance tax as well, as we will reveal. Love speaking on stages and love writing. And I've written three books on the whole subject of wealth and I've been burning my own midnight report on writing this one.

which is the guide you're going to get, is, it's comprehensive, but not technical. And it's written to help you be able to take some steps, but to understand what's going on. More detail than we'll go into this evening, of course, but you'll have the opportunity to read that. And also in any event, given, you know, we're going to cover quite a lot of ground in give or take 90 minutes or so. You won't.

Speaker 1 (09:18.85)
Pick up everything so let's be clear that we've been if I've done nearly 40 years and holds them 20 years with 60 years of experience so we're not going to teach you what we know in 60 minutes that just wouldn't be a fair expectation so if I can encourage you I'd encourage you to make a few notes right a few things down that you think are really relevant for you a few things down you might need to go and do.

and a few things to write down you may want to go and find out more about. And if you like the end of the day, how we speak and the cut of our jib as we often call it, if you like that, then we'd be delighted to have a conversation with you free of charge at some point. But let's talk about how deeply personal this is to me. I got into the world of wealth because of the tragic early death of my father who was 46.

who collapsed and died on an oil rig, leaving no will, no family plan, no life cover to pay the mortgage, basically nothing. Now he didn't do that deliberately, obviously, and he committed the sin of omission. In other words, didn't get round to doing things. Have you not got round to doing some things? You know, have you not got round to doing your will? Have you not got round to thinking about your pensions and those lost pensions we'll find out about later? Anyway.

This is my family now as the elder statesman and my pooch Alan named after Alan Shearer because I'm a Newcastle United fan, but you know, I'm very passionate about legacy. So if you are equally passionate about the legacy, it's never too early to get your head in the game of how to leave an incredible legacy and not as you said earlier Paul in this morning session, which you shocked me and I didn't expect to be. said, if people get this wrong.

they will leave more money to the tax man than their children. Outrageous, as we'll find out more about how people fall into traps and how to avoid them. And these changes that will come in just a second affect anybody with a pension. And of course, more people have got pensions than ever before, not least because now it's an obligatory thing if you've got a job. So employed people have got to have a pension.

Speaker 1 (11:44.606)
That came in, I think, 2017. I might have been wrong on the date, but certainly that sort of date. Anybody who's got a family and a pension affected. If you're a business owner, you're definitely affected. And if you're an executor, or you have made a will, and you've named an executor, you're going to need to know what's going to happen to them.

Speaker 1 (12:09.56)
So let's get into it. What are the changes? Well, the big change, it's happening by the way, it's not a proposal, it's not a supposition, it's not like a consultation. In April, 2027, anybody who dies after April, 2027, if they have any pension money in their life, in other words, it's unspent as they call it, then your pension is included

in the value of your estate. In other words, it's added to all of your other assets, which will definitely for many people put them into the inheritance tax net. And for some, their pension, which they thought was tax-free, is going to be taxed at 40%. And even worse, some of those who've got bigger estates will see a loss of their allowances, so their tax on their estate will go up even more.

Now we're going to cover all of these things, but just so you know, this is big, big stuff. And we definitely want you to take time to understand it. So we'll go at a pace, but hopefully at the right pace for you. Now, obviously we know there's some machinations going on behind the scenes for this budget. Maybe potential broken promises, who knows? Rachel Reeves,

obviously has noted that the country has an enormous black hole in the economy. We're paying a hundred billion a year just in interest payments. I couldn't sleep at night with that kind of a tax bill or an interest bill rather. And so therefore the plan is for more people to come or be dragged in by stealth or by design, the inheritance tax net. In other words, get more people for the inheritance tax to be paid.

on the death of the individual. And their argument is pensions are for retirement and that you should be looking at your pension solely as a vehicle to support your income, not to provide for your legacy. Now, I get the argument, but I don't buy it. I don't buy it because there's too much historical legislation

Speaker 1 (14:36.706)
which has told us the opposite. So pension freedoms came in 2015. In 2015, the government of the day said, you know what, we know how hard it is for you guys to provide a good safety net. We don't want you to rely on the state because the state pension keeps going back and back and back and we can't afford it. We can't afford to run the civil service pension scheme.

So we're gonna give you more control so that you can make decisions yourself about what you invest in, how you invest and how you draw income for the future. And that was a good thing. I applauded that when it came in and definitely remember sharing lots of those with our IFA clients of the day. The other thing they did just recently was the removal of the pension cap.

which was formally called the lifetime allowance, just over a million pounds was the lifetime allowance. They removed that. Basically indicating that you can have as much money in your pension as you want to have and people pile money into their pension. And of course, like many small people, I did that too. But given we have a longer life expectancy now, and I think typically it's around 85,

or thereabouts, much longer for our children who, you know, I'm a granddad now. I know I don't look it poor, I'm a granddad now and those children will live to a hundred. So they're not going to get state pension. So, you know, they're going to need to look after themselves or we're going to need to look after them. So to me, the legacy piece was a really important thing. And if you live longer, you need a better plan. You've got to manage your money.

which means, nobody knows when they're going to die, and thank goodness for that. If you don't know when you're going to die, you've got to manage money and expect to live, which means by definition, you'll have unspent pensions when you die. And that means now, at least from April 2027, inheritance tax could be due on it. So here's a quick tip, Paul. If you don't want inheritance tax to pay on your pension, try and die before April 2027. If you want to live,

Speaker 1 (17:00.472)
beyond April 27, then you need to know a bit more. So let's talk about inheritance tax or IHT. Well, it's a voluntary tax, ladies and gentlemen. It's a tax you pay if you get caught and you can avoid it. It's also a tax on capital. It's not a tax on income. It's a tax on the value of something given a capital value. In other words,

something you can put a price on. Now important to say this, so we don't panic people about their pensions. There is no inheritance tax to pay between spouses or civil partners. So if I die and my wife who's younger than me, so I'd expect her to live longer, whatever size of money I have in my pension pot and whatever I have in my life,

she's not going to pay any inheritance taxes, transferred free of charge to spouses. The real tax bill comes on what we call second death. So not the first death, if a couple, and let's assume for the purposes of this webinar, we're going to assume couples. There are some challenges for singles. There are some challenges for people without children. I recognize and appreciate that. And we'll probably get to some of those questions or make one or two points about that as we go through.

But in addition to no inheritance tax between spouses, there are some other allowances. One of those is called the nil rate band. Kind of strange language, but what it means is that for every individual has got 325,000 pounds that they can leave free of inheritance tax. In other words, it's kind of taken off their allowance. So whatever their value of estate is, the first 325 is deemed to be

free of inheritance tax. And that applies per individual. So if you've got a couple, you've got two lots of 325, which makes it 650. So that's your starting point. 650,000 free of tax. An additional allowance came in to recognize that most people feel very passionate about leaving their home to their next generation, quite rightly. And they...

Speaker 1 (19:23.342)
brought in in digital allowance called the residence nilrate band. And that is 175 per person. So let's do the maths together. If you've got a couple and husband dies, say, 325 plus 175 is 500,000. That is then transferred to the spouse. She dies, say, 325, 175 makes it

Another 500,000 is one million. So in other words, for most couples, the argument that revenue are giving is a million quid should be enough. Well, we can debate that because in London, Southeast, you could have a million quid and be a three bed semi. Couldn't you really? that's part of the challenge where this allowance, this 325, came in in 2009. It hasn't changed at all since then, which means

If it isn't changed and it's not planned to change at least till 2030, the end of the parliament, then it'll have been, what's that, 20 years? 20 years with no increase. It's like getting no pay rise. So inflation is going to lead into that. And that's what we mean by the tax net, that people just get caught, you're swimming in and you're not aware of being caught in the trap. But unfortunately,

You're caught in a trap because, you know, most people are not paying any attention to it. bad news is, government don't care about that. They want the tax and they want it now. They want it paid in six months of the date of death. That's not very long really, when you think about people grieving, people trying to put their affairs in order. If we're living longer, some of us will go a bit...

Gaga, maybe dementia. So lots of things forgotten, things not well documented. Yeah. And that taxes 40 % of the value over those allowances. And by the way, the allowances, oh, I missed one, Paul. You didn't get me. You didn't get me on it, which is the 2 million, right? So if you're state, I do apologize to you all. If your estate is worth more than 2 million, so.

Speaker 1 (21:44.846)
You've got decent sized property, decent sized pension, maybe a property portfolio, some other assets. Then when you go over the 2 million, you start to lose your residence, no right band. gets taken off you automatically. So if you get to 2.7 key number, 2.7 million, you lose all of your residents, no right band. So it means you've only got 650. So you get that double whammy. You you get the loss of the, the,

325 and then therefore more of your state gets caught at the 40%.

Exactly like when people earn more than 100,000, Kevin, right? And they start to lose some of their income tax allowance, the first 12 and a half thousand that you can earn without any income tax until you tip over that 100,000 and then they start chipping away at it.

Yeah, it's exactly like that. It's two for one in the same way as anybody between a hundred and 125 grand in income. When they get to 125, they basically lose the income allowance. And so it is with this. So think that's where they got the idea from probably, which means, you know, the tax is very punitive. So, but the tax anyway, in general terms for inheritance tax is a 40%. We will reassure you that some of you will not be affected.

by the pension changes. mean, everyone's affected by inheritance tax. So you might learn some things, but some of you won't be affected by the pensions. But just a quick point, which I guess we need to highlight, Paul, is that the job of paying the tax doesn't fall on the product providers. It doesn't fall on the insurance companies or the administrators. Who does it fall on then?

Speaker 2 (23:32.524)
people that you've carefully picked and trust to help manage all these complicated affairs when you're no longer here called the Executors.

So the executor or someone who executes a will, different title if you don't have a will, but you know, we'll hopefully help you take care of that. But if you've named an executor, they now have to not just collect all of your estate as they did before, but now they have the additional job of combining, collecting, collating all of your pensions and paying the tax on it before they can distribute any money at all to your

beneficiaries, bearing in mind that your executor could also be a beneficiary. So, you know, this could be a nightmare and it's unpaid. You can't pay, you can't charge a bill to be an executor. And if you get it wrong, Inland Revenue can fine them. They can charge them a tax or a penalty if they get it wrong. So I'm going to implore you this evening to tidy up your pension life.

and actually better still to tidy up your estate, to be aware of what your estate is worth. I'm gonna show you how to do that in a moment. But one of the points to make here is don't allow your executors to take responsibility and pay taxes. You are responsible for your money, your legacy is down to you. And deep down, you probably know that. And deep down, you also know that maybe this isn't part of your

regular financial review process. Because for those of you who do self-assessment tax returns, you're doing them annually, you? Because you're doing them yourself or your bookkeeper's doing it or your accountant's doing it, but you're interacting with your income. If you've got a business, you're interacting with your accountant or bookkeeper to pay your corporation tax because you know you've got to pay it so you need to do a report.

Speaker 1 (25:40.042)
If you're that registered business, you know, you've to keep those records and pay the Batman. You're collector of that. You don't earn the money yourself, but nice easy job for the revenue. But inheritance tax, there is no interaction. It's like a default on death. And if you can drift into that, or you do drift into that, you could have a fortune being paid to the Inland Revenue. And as you said, Paul, sometimes even more.

would go to each of your beneficiaries. I heard it said that it's a voluntary tax paid by those people who distrust their heirs more than they dislike the taxman. I'm not sure it's that. I think inheritance tax is paid by the unwary. Inheritance tax is paid by the price of inertia by doing nothing because doing nothing is a decision, isn't it? So making a decision

is a decision and doing nothing is making a decision too. We want to help you just be a bit more aware of that. And how you start that is calculating your estate. Give yourself a stock take, get a sense of where you are. And we want to encourage you to do this annually. And we're going to show you how we can help you do that, almost like an inheritance tax return, but to nobody but yourself so that you and us or you on your own are taking that responsibility.

to be aware of what your inheritance tax bill is going to be if you do nothing and the things that you can do. And what we love to do at WealthBuild is give clarity. By giving clarity, explaining things clearly, making sure there is no doubt. There's no, I heard this from somebody around the corner, or I heard this from my uncle or my auntie or my friend is a, no, none of that. Let's get you clear because when you're clear, you can make a good decision. It's when you're not clear.

that you don't make a good decision and invariably you don't make a decision at all because you get confused. And confused minds always do nothing because they can't. So we need to calculate or you need to calculate your net estate. Well, net means after something and estate means everything you own. So everything you own are your assets, your property, your possessions, your jewelry.

Speaker 1 (28:08.64)
your cars, your properties abroad, your properties that you're renting out, your business, your life cover, all of these things form part of your estate. Off the estate, the minus column, so you've probably heard the language assets and liabilities, balance sheet is the difference between the assets on the left side, liabilities on the right. The liabilities would be anything you owe. So consumer debt.

mortgage debt, equity release debt, if you've gone into equity release and that's an important one because more and more of our clients are tapping into their very, very valuable homes, taking out some of the equity to reduce the value of the estate. And then they've got access to that money now rather than waiting until death. Anyway, and you can calculate the IHT. If you don't fancy doing it yourself, we've done it for you. We've created at a painstaking length, you plug in

the values and some basic information, like if you're married or not, if you've got children or not, and so on. But then you plug in your asset value with some notes to help you. And then it works out what your net worth is. And it works out what your, therefore what level of your estate would be that would be subject to tax or potentially, and then what the tax bill on that would be. And of course, our role is to get that.

zero. We want you to get your estate so that your inheritance tax is zero. And that's important because the only way you can do that is take an active interest over years. It isn't something like going to the gym, punch a few weights and you hope you fit. You can't do that. You've got to do this every year. case in point, what are we showing here?

It's quite a scary statistic actually that says, look, imagine you've got a million pounds worth of assets today after liabilities. This is what your net estate is worth. And you're 55. And you mentioned earlier, typical average expectation of somebody's life is to age 85 now. So if you roll that clock forward and say, well, you've got a million pounds worth of assets today. So, okay, you don't.

Speaker 2 (30:34.126)
If you're passing on a family home, you haven't got a tax bill today. But unless you're planning on dying today, and of course, you're almost certainly not, if you roll the clock forward 30 years, even with, as you can see, there's some pretty modest rates of growth, what you're looking at is ultimately the estate and then in brackets, the amount of tax that the taxman is going to take as a result of you having done a great job of building wealth and...

having inflation on your side over a long period of time. So even if you are not proactively building assets, the increase in the value on properties and other things over time is going to drag you into that, as you mentioned earlier, that inheritance net without possibly even being aware of it.

Yeah, and that tax net, that tax take is going up every quarter. They measure and publish the data every quarter, and it's going up every single quarter, quarter by quarter. And while it sounds like a statistic, what it means to me is more families that disinherited, more money is leaving the lives of children, more money is leaving the lives of grandchildren, that people have worked over their lifetime, paid a fortune in income tax, in corporation tax, in VAT.

in stamp duty and council tax. They paid through the nose for tax and they get caught by one which has caught them unawares because they're not paying attention. So I would like you please, whether you resonate with me and Paul or not, take stock of the value of your estate. We'll show you how to access our calculator or you can do your own, but take stock of where you are and try and get into the habit of looking at this at least once a year to see

how your estate is growing so that you can pay attention to it. All right, we're gonna switch gears now onto the more specific part of pensions. And we're gonna say which pensions are not affected and why. And I'm gonna ask Paul to do that. But before I do that, I'm gonna say, please remember the principle that inheritance tax is a tax on capital, not a tax.

Speaker 1 (32:52.878)
on income. So over to you Paul, why are these pensions not affected by the inheritor's tax rules?

It's really simple. It's because there's no pot of money. Typical pensions that most people will have and recognize from ex-employers or personal pensions they've created more often than not are linked to some underlying assets. And those underlying assets could be the stock market. And they've got a value and that value fluctuates, but it's a real value and they can tap into that value at some point in the future. These pensions that you see here,

are not a value. The state pension is paid to you from the national insurance takings in the year, or in the month even probably, that they come in. They're almost coming in one and they're being paid out with another hand to retirees. There's no pot of money there for somebody on death. Final salary pensions, otherwise normally known as defined benefit pensions, are another good example. They are not a pot of money. When you retire, you've got a promise of an income, and that income is based

usually in this case on how many years you've worked for an employer. There's no pot of money that gets handed over when you die. And some very obvious examples of that would be the NHS pension, Kevin. We get asked all the time, don't we? Is the NHS pension something that's going to fall into the IHT trap? Well, it isn't because it isn't a pot of money you own. It's just the rights to some income.

And that's a very valuable point because often when people discover, as we'll talk about, sass in a moment that they want to be able to take more control, they can't move those pensions because there's no pot to move. So, important thing. So, NHS and all the blue lights, you know, that's what you've got. And as good as they are, you know, they're guilt-edged, meaning backed by the government, and as long as the government takes care of the black hole, your pension's going to be okay.

Speaker 1 (34:54.797)
But so there is an income. you build your income on top of that, build that as a foundation. And Paul, this word annuity comes up, but it's not often well understood.

know, I think the easiest way of describing it is almost like an upside down insurance policy. With an insurance policy, you pay a small premium, and if something happens, usually you get paid out a lump sum. An annuity is like the complete opposite. You build a pot of money in a pension, and then you want to convert that into an income. So you purchase an annuity,

And that annuity gives you usually a guaranteed income for the rest of your life, but you have to trade off the capital that you've built in your pension to get it.

Yeah, I see that. And I suppose if people are fearful or more concerned about the inheritance tax, there may well be an increase in the take-up of annuities or make the decision really not to leave their money in the pot and be subject to inheritance tax. Of course, it's a delicate balance to play because annuity rates change. And once you bought an annuity, you can't change it after that.

It's like a fixed rate annuity for life. And even if interest rates go up or down, you can't change it. And I remember way back before I met you, Paul, when I started giving guidance and advice in even 1990, think, annuity rates then were 15%. You know, so you got a 200,000 pound pension pot, that's a 30 grand income. I mean, that's deemed to be, according to all the national statistics, enough money for people to have a reasonable retirement.

Speaker 1 (36:38.094)
So if you get a reasonable retirement for 200 grand, that's a good deal. Can't get that now. You know, it's five, 6 % and if you're real maybe seven, but you you're not getting high rates of return. So it's a delicate balance. So if you're thinking about annuities, please, please, please, this is definitely one of the times when you would seek the help of a professional advisor who can guide you through the pros, the cons and make sure you're making good decisions.

those pensions unfortunately which will be affected for all the ones that do have a pot rather than going into each one in detail because they all have pots what what are the common misconceptions you're hearing out there right now

Well, I think the one that I hear and I know you do the most is that people believe that certain types of pensions, certainly SASs and even sometimes SIPs, are somehow outside of the scope of these new changes coming in April 27. And sadly, that's not the case. Anything that's got a value rather than an income as its underlying baseline is going to form part.

of that calculation. It is going to be taxable or least accessible for tax. Unfortunately, although a SaaS, which is our biggest passion arguably in wealth, is based on the foundation of a SaaS trustee and trustee are by their very nature known to be tax efficient from an IHT perspective because it's wrapped up in a set of pension rules, it isn't.

from IHT.

Speaker 1 (38:19.18)
Yeah, and unfortunately, once it's in the vault, like it is here, you can't give it away either. You can't say, I've got money in my pension, I'll give it away. You can't do that. So.

It's about the only asset I can think of actually that you can't gift.

Yeah, only on death, unfortunately. So anyway, lost pensions, I'll mention those because again, I've got a bit of a passion for the lost pensions. know, there's billions of pounds floating around in the economic ether, as it were, where people have lost and forgotten things they did in the past. You know, they worked for a job when I was only there two years, or women who get married and change their name and forget to notify.

There's all sorts of reasons why people lose track of their pensions. And of course, we're increasingly more mobile with several jobs in a lifetime, and that can contribute to that. And that patchwork quota pensions can cause a problem for you because you don't get value for what's rightfully yours, but also your executors because they go find it. So we're going to encourage you to find your lost pensions. So we're going to let you know it's massive.

The value of those pensions that I mentioned, those forgotten pensions is now 31 billion pounds. And it keeps getting bigger. And it worries me because people are losing track. For whatever reason that inertia sets in, they stop thinking, but this is rightfully mine. And the way to do that, and we do that with our wealth builder members and

Speaker 1 (39:59.436)
like this lady beavering away, finding her lost pensions. It's not difficult. You just have to have your national insurance number in one hand and perhaps your old CV in the other. And you look back on all your employment history and where you can find out the name of the company. There's always a pension trustee, somebody ministering the pension. You can find that out, drop them an email with your national insurance number and your full name. If you have changed your name, you need

your marriage certificate. And if you can't find anything through your own hard work, and I think on one week, when we did a little sprint on this, our clients found 455,000 in a week. Amazing. One week, that's a week. That's not in a year. That's a week. You know, the combination of people doing some work, because we said, do this, right? Just do it.

I agree.

Speaker 1 (40:59.01)
Don't worry about it. going to take you an hour. Do this and 455,000. Now I don't like working for an hourly rate pool. I like to work on results. I think I might work for 450 an hour, 450 grand an hour. I'd take that. Anyway, if you can't find your pension, there is a tracing agency, pensions.gov. And they can help you find pensions which will be lost because the insurance company changed their name.

Sometimes people, what else? The company goes bust. All sorts of different reasons why they just can't find it. And they will help you locate that if it's possible to locate it. And your final call to call, if you can remember having a final salary pension scheme, but the company went bust, they just couldn't afford to keep the payments because the final salary is the responsibility for making the cost up.

to pay the benefit as you ably described it Paul, is on their hands so they've got to pay the cost and some companies just couldn't do it. So they went bust. So there is a pension protection fund or PPF for short and you could look that up and they will protect your pension up to 90 % of what you would have had. It's not 100 % but it's better than nothing. So they're the different places where your money could be.

and I would encourage you to make a note and see if you can find any of that money. If your money's a bit more visible to you, you already know where it is. It's in a part with company A, company B, company C, or maybe D, E, and F, because we often see people with four, five, six pensions, don't we Paul, really fragmented, and you can't pay attention to that. You can't pay attention to your returns. You definitely can't pay attention to your fees.

definitely can't pay attention to your inheritance tax challenge because you're just simply getting papers and filing it and not really reading it and paying attention to it. So I'm going to encourage you to look into consolidation, meaning putting things in a simple place, easy to manage. You can do that online increasingly now or with advice. What sort of circumstances might people need to get advice, Paul? What things might there be in their pension that they would

Speaker 1 (43:23.768)
they might need to get someone to help them as opposed to doing it on their own.

Well, these are typically some of the older rules before pensions changed in a big way back in 2006. You mentioned pension freedoms in 2015. that, 2006 was big milestone, wasn't it, in pension law? Before that, pensions were slightly different. And so, you know, sometimes there can be guaranteed income underpins locked away in there that you probably don't even know are there, or if you did, you've now since forgotten.

Some pensions have still got early retirement ages on them, you know, back when the minimum age of retirement used to be 50. And, you know, they're typically the things that catch people. Sometimes you can also have more than the standard 25 % tax-free cash as well at retirement. So those older pensions, anything that you joined, if it was a workplace pension or you created, if it was a personal pension before April 2006,

has a higher chance, not a guarantee by any means, but a higher chance of having something hidden in there that is different and would definitely want you to pay attention to before you made a decision with it.

Now that's good guidance Paul and I think very sensible to think about. had question this morning about SERPs pensions, state earnings related pensions. I haven't heard them for decades now, but they're just money purchased pensions, money in a pot pension. And typically if you've had that in your life, you could have 40, 50 grand just waiting to be collected. So definitely worthwhile taking time. But you mentioned tax free cash and some schemes, some of the older schemes have more than the 25%.

Speaker 1 (45:08.046)
Why might somebody consider taking their tax-free cash, not do it, but consider it? Why might that help their inheritance tax position?

Well, I think there are probably two reasons and they're both very different actually. One is I think people often forget sometimes that their pension is there to give them a lifestyle at a time where they want to stop trading time for money or, you know, start living more of their life and doing things. And so it could be that you want to take some money and just use it to do something fantastic like around the world cruise. But, you know, if we're thinking more about giving things to loved ones and this whole principle of legacy.

you could consider taking some or all of your tax-free lump sum and then gifting it. And I know we're going to touch on gifting in a short while, Kevin, but that's a mechanism that you could use to free up money and therefore potential taxable asset and turn it into something that you could gift and actually take outside of the tax net.

Okay, and draw down.

Drawdown is just, it means taking money, income from your pension in a flexible way. So a few minutes ago, we were talking about final salary pensions, which is you're getting an income, it's locked in for life, you can't change it, it is what it is. In 2015, the rules changed and pensions allowed what they call flexible drawdown, which effectively means you can tap in and take some money some year, not the rest. You can take more one year, less the next year.

Speaker 2 (46:38.198)
Okay. Flex it to suit you. So again, you know, I know I don't want to give too much away because we're to touch on this in a moment. But one of the really neat things you could do is actually tap into some of the income from your pension. And if you don't need that income to live your lifestyle, it could be used as part of a really neat plan for future legacy planning and gifting to your loved ones. Yeah.

Definitely, definitely going to cover that. And of course you mentioned annuities being a way for someone to convert a lump sum value in their pension to get an income. So if you did that, you'd be taking money out of your estate, wouldn't you? Because the capital value of whatever you use to buy the income, that's now passed to the estate, I suppose, of the insurance company, the balance sheet of the insurance company, it's lost, left rather, your life.

you've got an income and exchange, which of course, as we said, there is no inheritance tax to pay on income. Nice descriptions there, Paul. So thanks for that. Going to touch on this gifting then, as you set it up so nicely. Gifting of capital. So we know inheritance tax is a tax on capital. So how could you and why might you decide to make gifts of capital so it leaves your estate?

and goes in a different direction to your children or directly to your grandchildren or anybody else really. So I'm going to just describe some of these allowances. Now there are lots of little teeny tiny allowances like 250 quid to as many people as you want and gifts you can make on weddings and that's all well documented. You could Google that. But I think it's important to think about the annual allowance, which albeit isn't very much is 3000 pounds per annum.

per person. So again, if we think our typical listener is a couple, that's 6,000 pounds they can give away, document it, but give it away for even inheritance taxes deemed to have left their estate. Well, if people have got a reasonable asset list, you know, and they want to give away, can afford to give that, if you multiply 6,000 a year times 20 or 30 years, that's a lot of money.

Speaker 1 (49:02.926)
And the tax on that, even if it's 120, know, take 40 % of that, it's 30 grand. So you've got 30,000 quid there. You could be, you know, allocated because you want to, and all you need to do is document it well. And you can, as a funny rule, where if you didn't use it one year, you can use it again. So you've got 6,000 a year one, and then, you know, carries on after that. Now, anyone can give three to two five, which if you remember,

is the nil rate band. So anybody can give away 325 and as long as you live seven years, that gift is gone out of your estate. Now we know it's not, we're not saying give away 325 because if you give away lots of money, that's money out of your life and you've no control over that. For lots of reasons that control, loss of control could be bad. One is you might need it in later life either for income or for care or for

other things, or you could have a 325 gift, you gift it to someone, they get divorced or they get ill or they die and that money's lost to, you know, like what we call a sideways disinheritance. The money just goes sideways. It doesn't actually do any long-term good. So you can give the gift though of 325. And the thing we've got to guard against, we know we can't give away our pensions, but

Some people think they can give away things and think they're being smart by giving them away, but they're not really because they get caught by something called gifts with reservation. And what that means is you give away something notionally, like the most common one I've heard, Paul, I don't know about you is, oh, I'm going to give away the gift of my house to my children, right? Because it's, I'm going to give it away to them.

then they own it. I changed the deeds at land registry, so it belongs to them. And then when I died, it's theirs. No, that's not how it works. Because if you live in it, you've reserved the benefit. So you can't do that. The gift would be deemed not to have taken place. So it'd be a pointless exercise completely. you void gifts with reservation. And that includes things like

Speaker 1 (51:30.127)
vehicles, jewelry, paintings. If you think there's something you can notionally give, but don't really give, you can't do it.

Investment properties would be another really easy example to use, wouldn't it? You don't want the asset to be part of your taxable estate, but you still want to get the income from it. And I guess the old adage, you can't have your cake and eat it. You can't not pay tax on the value, but also get all the benefits as if you owned it.

Yeah, good point. So watch out for gifting, but very positive. Now this is where we think there's power in knowledge. Said it now, this will be the fourth time probably. No tax on gifts out of income. Inheritance tax the gift out of capital. So how do you get zero tax on your gift? How do you make the gifting unlimited? So no 325, no limit.

And how do you avoid the seven year rule altogether and the weird and wonderful tapering if you die within three years of giving the gift and so on. We're not going to get into that. You can Google that as well. It's quite simple. But the key thing is to understand how you do it and then to document it scrupulously. All right. So the key is doing this well, which means a deliberate and a conscientious plan.

And as we spoke earlier on, most people do not have a deliberate and conscientious plan. If you did, ask yourself the rhetorical question. Last year, how much time did you spend creating an inheritance tax avoidance plan to the nearest one minute? Probably none, because most people are not doing it. One or two will have done something and great, that's fantastic. But most people, and they certainly don't know this,

Speaker 1 (53:31.982)
So I'm gonna dive into this in a bit more. The reason you can make gifts out of income is as long as you can prove it doesn't devalue your own standard of living. In other words, you are completely financially safe, what we call financially independent, and you achieve financial independence and the certainty of that by having multiple streams of recurring income. Income that flows into your life

by the things you built, not the work that you do. And I won't go into the details of the seven pillars, but this in, I did allude to my book called The Seven Pillars of Wealth. And it describes in there the seven and only seven assets that you can use to build wealth. And despite having written it for more than a decade now, nobody's given me number eight, Paul. So I'll chuck that one out there, because I always like to go a little bit off PC.

You like to challenge people, don't you?

I do, I do, but challenge them in a positive way because if somebody gives me number A, I'll send them a wonderful case of champagne, but equally I'll get to rewrite the book and that will make me some more money, which is great. No, but I think the value in all of this, joking apart, is it helps people to create a framework for their thinking and a framework for their action. So do definitely get a copy of that or tune in to the podcast which talks about that as well.

Now, if you've got recurring income streams, so it's safe, let's say for the sake of an argument, most people, when asked the question within the wealth builder community, want an average of 10 grand a month to be completely financially independent. I'm not saying that's the right number and I'm not saying it's your number, but it's a number that we often hear. So if you build an income stream from these seven different assets and you've got

Speaker 1 (55:30.062)
15,000 a month coming in or 12,000 a month coming in, then because you can prove you can live on the 10, you're financially independent, you've well documented that, you can give any additional income away completely free of tax, without limits. And if both you and your wife or spouse or partner are financially independent, then both of you can give away income. So you can give away tens of thousands, maybe in a year.

and over a lifetime, hundreds of thousands with a commensurate tax saving as well. So please do look into the degree to which you've got a high recurring income. And of course, if you've got an annuity or a state pension or a final salary pension, they all count, don't they? Because that's recurring income. It's recurring income from pensions. And as long as you keep the records, and we'll show you how to do that, because when the time comes,

When the revenue say, we want to know what the value of your estate is, and you say, well, this is the income that I'm giving away, and you can prove that income, you're going to need to show that from the very intention from the start, right away through to your death, and even second death. So you need to prove it. So the proving is not that difficult. It's just good record keeping. So that's definitely one that I think

makes us unique and why we put it in our concept of the family wealth fortress, that overarching process to keep wealth being built, to protect it and to pass it on in the best possible way. But the SaaS pension, that's another one of our key tenets, isn't it? One of our key beliefs that it's the best kept secret for business owners. And we say business owners because

You do have to qualify for a SaaS, don't you Paul? You have to be a business owner and not just a business owner but a limited company owner too, don't you?

Speaker 2 (57:31.914)
That's right, yeah, it's reserved only for people with a limited company and the limited company has to be doing things. You can't just create it on paper and say, well, I've got a limited company now, so I'm good to go. It's got to be genuinely active and operational.

Now we know the word sass and we try and debunk words. know the language is clunky, the benefits most definitely are not, but tell us what it means and tell us why it's unique in the landscape of pensions.

Well, it's a tool that uniquely allows you to do entrepreneurial things almost like a business, you know, or a person can do. By that I mean, it isn't just restricted to the bog standard stock market that 95 % of people's pensions are in. You can use it to grow your business. You can use it if you're a property investor to help get more property.

do more developments. You can use it to invest in other people. You can be truly entrepreneurial with it in a way that you just can't with other pensions.

So it means you can build your wealth under your control more effectively. because it's a multi-generational, sounds complicated, but it's a family trust, isn't it? It's called the small self-administered scheme. Bit of a misnomer really because it was coined in 1973. But small as in it's for a small business. Scheme means pension and self-administered means self-directed. You decide what you want to do.

Speaker 1 (59:12.898)
you're in the driving seat. So we know you can be in the driving seat and build your wealth, but what can it do to minimize your inheritance tax or to help with that inheritance tax bill?

Yeah, I mean, won't delve into into sort of super amounts of detail here, but one of its most powerful tools is the ability to simplify by bringing together. People's pensions all into one place, and you made a great point earlier, Kevin, when you were talking about lost pensions and you were saying about consolidation, one of the things that you can do to simplify your pensions life is consolidate. Well, that would be step one in this as you bring together the pots of money.

for you or your wife or your husband or your partner or other people in your life. But typically we're talking about families here. So let's imagine it's a spouse or a civil partner. You bring those pots together and now you've got this combined pot of capital that you can deploy in any way that works best for you in your business. But from an inheritance tax perspective, what it then allows you to do is be really smart.

And this is a uniqueness that SAS has that no other pension has. Because of its multi-layer, multi-generational design, you can bring your kids in. When they're 18, they have to be adults. And any age from that point is fine. But when they're at least 18, they can come into the pot. And you can start creating wealth for them. You can start pre-funding their retirement.

And you can do that through contributions from, let's say, a business. If you're a business owner, you have to be a business owner to have a SaaS of course. So got a business, you could make your children part of that business, and then you could start taking some of that profit and paying it in to the SaaS in their name. Which is really neat because it does two things. One, you get a corporation tax saving just the same as you would if you were paying it in for yourself. But two, you've skipped.

Speaker 2 (01:01:14.89)
inheritance tax problem altogether because instead of going into you and then somewhere down the line to them with an inheritance tax bill attached, it skips you and it goes straight to your kids.

Yeah, that's interesting that one. I think we'll come back to the earmarking point though in a minute Paul, but if you imagine, we have a bit of language within wealth builders, which we call Kev Tech, don't we?

We certainly do, yes.

What anything to do technology, skip Kev, right? Go past Kev, go to somebody else. But if you imagine in a business, joking aside, you've got smarter, more up-to-date kids in your business. They could use AI for your business. They could be an AI champion, and you could pay them. And you could pay them by way of pension contributions. Again, that transfers money from your business into their life, and it's skips going in yours. But this earmarking, tell us about that, Paul, because that's equally

a really positive and unique way to cascade money down the bloodline. without going into the real detail of it because it's complex, give us a feeling for it.

Speaker 2 (01:02:24.278)
In essence, what you achieve is this. Your money in the SaaS grows slower than it otherwise would because you've deliberately assigned assets with the highest growth to your kids. So that their money grows quicker than it would normally grow. Your money grows slower. And so over time, they're catching up and then perhaps even surpassing your pot, which of course then means

when you're no longer here, your pot is smaller than it would otherwise have been, which means of course there's less tax to pay.

And in addition, of course, the SAS is a trust fund. And once the trust is set up, it continues beyond that, doesn't it? So the kids can continue to operate it like a business. normal pension, a pension can't do that. Your kids can't step in and manage your pension from an insurance company. It's just going to be paid out within two years. Whereas a SAS trust doesn't pay out. It keeps going. And what about the loan? Because these are unique features of.

Exactly.

Speaker 1 (01:03:28.224)
of SaaS, the year marking and loanback contributions, I suppose you could argue you could do in a SIP. But what about the loanback? How does that work? Because we know it's unique. Could you describe it and then tell us why that helps with inheritance tax, please?

So a loan back is effectively an allowed loan from your SaaS to your limited company. And the reason it's unique is no other pension can allow you to borrow your own money. SaaS can, because it is a business owner's pension. It's designed to be connected with and where needed, supportive of the business that is creating it and running it, founding it.

And that's incredibly powerful from an investment and a wealth perspective, because it allows you to tap into capital that you almost certainly don't have access to, to do more of the things that you're great at. What it also allows you to do, back to this thought of having, you know, you and your adult children in your business, is it allows you also to use the money from the SaaS to generate more wealth in the business, which your children then can take a share of.

And then it becomes part of their financial life, not yours, which means you're effectively able to use money to grow and benefit your children and simultaneously skip the IHT problem whilst also paying actually a quite a small rate of interest, pretty cheap money, one over base to borrow your own pension money, which of course compares.

pretty favourably when you think that bridging is sort of 12 or 18 percent, for example, you know, if you're in property, I'm sure, you know, many of our listeners will be. The cost of borrowing money to do property projects, for example, is expensive. Well, if you can borrow your own and pay five percent instead, you know, that in its own right is going to save you thousands, tens of thousands of pounds.

Speaker 1 (01:05:29.09)
Well, that's right. And if you save some of those thousands, you could reinvest that money in something else to pay the inheritance tax bill. So you can see how all of these things are super smart, super effective, and bearing in mind that every penny you pay in as a contribution is off your corporation tax bill. So you're paying less recurring tax every month, every year, but also building the wealth in the way that you want it. we just

touched on live cover, we'll just come on to in a minute, but Paul, we've created a eligibility test because SASs are approved, aren't they, by HMRC and we know, because we've got a 100 % success rate with all the SASs that we set up and the biggest SAS broker in the UK, in fact. So what would they get or what would they do? We'd encourage them to scan because then what does that give them an access to a

Yeah, that's right. Really short, simple, easy form, which will ask you a couple of questions and determine whether you tick the right boxes to be eligible for a SaaS today. And then from there, if you want to and you want to learn a bit more about SaaS, you can connect with one of our SaaS experts. And if you're not, we can give you a little bit more information to help you understand what you could be doing to be ready in the future. Yeah. But as it says there, know, got to be a limited company owner.

That could be your spouse or your partner or somebody else in your life who you're close enough to and you could potentially be part of that through them. You can't take money from the NHS or the police or the armed forces or civil service schemes and fund the SAS with it. to make it work, really, you need to be creating it with more than 100,000 pounds or more. That could come from old pensions, it could come from new contributions or both.

This is the combined value of the pot. if you've got two people, 50 grand, that's 100 grand. If you've got two people with 40 grand and you've got 20 grand with a lost pension, that's 100 grand. So these are not cut and drive rules. These are just our guidance because we want anybody who does a SAS to really get a big result that helps their wealth, that helps their inheritance. So you need a bit of fuel in the tank to make that vehicle work. All right. So I touched jokingly on

Speaker 1 (01:07:57.006)
the fact that if you're making more money, saving money in all of these different areas that we touched on, you could reallocate some of that money. But some people have already got a live cover or they could buy live cover. And we need to recognize, don't we, that live cover that's not in trust, if you die, is going to add to your estate. So please, please check if you've got a life insurance policy that you've nominated through the filling out of a very, very simple and free

form, it doesn't cost anything to do this, Paul, does it? You just fill out the form, you nominate your beneficiary, and that money then, in your death, goes straight to the beneficiary, no need for probate, and it doesn't form part of your estate. Very valuable. But if someone does want to think about LifeCover Paul specifically to cover the Inheritor's Tax Bill, because they've just done an amazing job of building their wealth and

They acknowledge that, but there's going to be a tax bill and they don't want the tax bill to be met by their children. How would they take care of that? What does this weird language of whole of life, second death mean? Sounds a bit of a mouthful to me.

It does and it's really very simple. It's basically a life insurance policy that instead of paying out when just one person dies the first death in a married couple or a civil partnership, it waits until the second person dies because as we talked about earlier, Kevin, the IHT isn't a problem when just one person dies. The IHT is a problem when both of the people in the partnership have died.

That's when the tax is going to be calculated. That's when the tax is going to be due. So these policies are designed almost exclusively to protect against inheritance tax bills by paying out a guaranteed sum of money that you can choose and you can inflation link it or not. There's some features that you can choose to, you know, protect it from certain things, but it effectively guarantees as long as you pay the premiums until the second person dies, guarantees a lump sum of money to

Speaker 2 (01:10:07.96)
partially or even maybe fully pay the tax bill. And if you start it early, when you're younger and you're in good health and those other things that generally happen when you get a bit older start occurring, it's actually really quite an inexpensive life cover because it's paying out on the second death compared to the first. And therefore if you lock it in now,

Hmm.

Speaker 2 (01:10:34.382)
going to cost you far less than if you wait until you're 60 and try and take out a policy then you know the then you'll find it's probably uh it's unattainable at that point because it's going to cost you some thousands of pounds a year or more in fact have but um

you call you could marry somebody very young, right? And just marry somebody 20 years younger than you and then

That's it. Strategic planning.

I'm already married five years younger, so I can't really do that one. I'll touch on self-insure because, you know, self-insurance is a very valuable way to think about inheritance because you build up your assets and when you start to apply, you may not have got all of this, so do listen to it again, but when you apply tax planning, legal planning, SaaS planning, recurring income planning,

financial planning, legacy planning, when you do all of that or you get the hang of all of that, you're going to be saving tens of thousands if not hundreds of thousands in inheritance tax. So a good plan will massively reduce your bill, which means you could possibly accept the inevitability of some inheritance tax, but you could take, you do a SaaS call and instead of being in the stock market, and let's say you were going to get

Speaker 1 (01:11:55.118)
five or 6 % you bought commercial property which gave you an 8 % yield. You could take the 2 % extra rent you get in and you could put that in a pot or invest it or put it into a life insurance policy to allocate to pay the tax or to at least part pay the liquidity because the tax is going to be paid within six months. So this can all be resolved with a good plan. What we're seeing is people with no plan.

But what you can definitely do now, please, please do this. Don't fall into the, it'll never happen to me. death is inevitable. We don't want to talk about it, but we have to deal with it. Is make a will. Do your powers of attorney, which basically mean if you're ill or unable to make decisions, somebody else can make decisions for your medical treatment, or they can make decisions for your financial situation. And that's quite critical.

for you guys or girls who've got properties or businesses because somebody needs to make decisions if you can't. So that's called a lasting power of attorney or LPA. Have a look into your lost pensions. Do that little stock take and take a minute or go on our calculator and take two minutes and calculate the value of your estate. So you're beginning to get a feeling for whether you think you need to start doing some planning.

So if you want to ask a question, if you want to check in, if you want to learn a little bit more about some of the things, you either didn't get to scan the code earlier or you're watching this back on replay. And we will be sending this out on replay as well. So don't worry if you had to leave early or if you missed the start or you missed the whole thing, the whole recording will be available. But if you scan the QR code there, you can get...

in touch with us directly through WhatsApp, or you can use the good old fashioned email, hello at worldbuilders.co.uk and our team will be able to help you.

Speaker 2 (01:14:03.95)
I hope you found that session useful. Kevin and Paul covered a lot, but the key message is simple. The IHT changes coming in April 2027 are real and are going to affect many more families than expected. So if today's replay has prompted you to take stock of your own pensions, your estate, or your legacy planning, then this episode has done what we hoped. And as Kevin always says, doing nothing is still a decision.

And it's usually the reason families end up paying far more tax than they ever needed to. So to help you get clear on your own position, we've put together an easy to follow inheritance tax and pensions guide. And you'll find the download link in today's show notes. So go and click that right now. And if you'd like to ask a question or to talk through your circumstances, you can reach us easily by dropping us an email to hello at wealthbuilders.co.uk.

Okay, thanks again for tuning in and we'll see you on next week's episode of Wealth Talk.

Speaker 1 (01:15:06.446)
We hope you enjoy today's episode. Don't forget that we are constantly updating our resources inside the WealthBuilders membership site to help you create, build and protect your wealth. Head over to wealthbuilders.co.uk slash membership right now for free access. That's wealthbuilders.co.uk slash membership.