HMRC has released draft legislation that could significantly change the way unused pension funds are treated for Inheritance Tax purposes from April 2027. If implemented, these changes may affect how pensions are passed on to beneficiaries, particularly for those with larger estates or pensions held overseas. In this newsletter, we provide an overview of the proposed rules, outline who may be affected, and highlight planning points worth considering. As always, individual advice should be sought based on your personal circumstances.