Millionaire Big Pharma CEO's deep state fight to 'silence' thousands of Americans who get cancer from household product
Since taking charge in June 2023, Anderson, 58 - who is paid $10 million a year - has promised investors he will 'significantly contain' the legal crisis by 2026.
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How Rachel Reeves created a generation of accidental pension millionaires
Are you planning to contribute sums to your children or grandchildren's pensions? Get in touch at: money@ Young people are poised to inherit a colossal windfall from their parents and grandparents. Baby boomers – born between 1946 and 1964 – are expected to pass at least £5.5tn of wealth to younger generations by 2047, more than double Britain's GDP. This 'great wealth transfer' is already well under way. The inheritances of Generation Z and millennials – born between 1980 and 2009 – have almost doubled in value every 20 years since 1979, according to a report by think tank Demos. But now an inheritance tax squeeze is prompting many of the boomer generation to employ new strategies to help their descendants. Paying money directly into their retirement pots is one way to beat the taxman – and could create a lucky generation of pension millionaires. 'Significant windfall' In her Budget last year, Rachel Reeves announced that unspent private pensions will be liable for inheritance tax from April 2027. The move has prompted many boomers to raid their pension pots and give away their wealth in order to avoid a potential 40pc tax hit for their family. Inheritance tax rules mean unlimited amounts of money and assets can be gifted to friends and relatives without them paying any eventual inheritance tax, as long as the transfer happens at least seven years before the person giving the gift dies. A so-called taper tax rate of between 8pc and 32pc is applied to gifts given between seven and three years before death, once the total value of gifts made in the seven years before a person dies exceeds the £325,000 tax-free threshold. Money given less than three years before is taxed at the full inheritance tax rate of 40pc. Giving away cash to help children and grandchildren get on to the housing ladder is becoming increasingly popular. Over half (52pc) of first-time buyers received financial help from family members last year, with an average sum of £55,572, according to estate agents Savills. The total value of Bank of Mum and Dad assistance has reached £38.5bn since 2021, 71pc more than in the previous four years. However, one overlooked option is for 'surplus income' to be paid into a young family member's pension. Under current rules, a parent or grandparent can contribute up to £2,880 a year into a child's pension. A pension contribution at this level is topped up by HM Revenue & Customs (HMRC) to £3,600, as basic rate income tax is claimed back on the payment, with any gains shielded from tax. If these gifts are made regularly – and do not affect the giver's standard of living – then the money is automatically exempt from inheritance tax, and the seven-year rule does not apply. Paying into adult children's pensions is also possible, although they would not benefit from tax relief. Transferring even relatively modest amounts in this way could turn younger generations into future millionaires, according to accountancy firm RSM. The firm calculates that contributing the £2,880 maximum each year would give a grandchild a pension pot of £105,000 by the time they turn 23, assuming 4pc annual growth. Even if they don't save another penny, the pot would likely be worth over £607,000 by age 67. Annual returns of 5pc would boost this to over £1m. Chris Etherington, of RSM, says: 'There will usually be an upfront income tax cost to consider for anyone withdrawing sums from their pension. That should also be taken into account when determining the best course of action and the overall potential benefits. 'However, many may consider it makes sense to incur an upfront income tax liability so they can make gifts earlier and in turn, secure the financial future of generations to come while also reducing their inheritance tax exposure.' Ian Cook, of wealth management firm Quilter Cheviot, says decades of investment growth mean beneficiaries could net a 'substantial sum' by the time they come to retire. He added: 'Contributing to a child or grandchild's pension can be a smart way to pass on wealth without triggering an immediate inheritance tax bill. 'For some families, pensions are also appealing because the funds are locked away until at least the normal minimum pension age, currently 55, but rising to 57 in 2028. 'This avoids the concern that can come with gifting large sums into a junior Isa, where the recipient gains full control at 18, an age at which not everyone is ready to handle a significant windfall.' Growing wealth divide This strategy could prove to be a lifeline for the young people fortunate enough to inherit wealth. Experts have warned that Britain faces a 'pension savings crisis', as the current 8pc minimum contribution level is not enough to fund adequate retirements. Under auto-enrolment rules, employees put at least 5pc of their salaries into a pension, in addition to a minimum 3pc employer contribution and government tax relief. Labour has committed to not changing these rates during this Parliament. On current contribution rates, an average earner on a £35,000 salary risks falling £700,000 short of a 'comfortable' living standard in retirement, according to the Pensions and Lifetime Savings Association, a trade body. Boomers – on average – have it better. Some are lucky enough to enjoy lucrative 'defined benefit' pensions which guarantee an inflation-linked income in retirement, based on final or average salary. These schemes are close to extinction in the private sector, as they have become too expensive for employers to maintain. They have been replaced by much less generous 'defined contribution' schemes, where the final value depends on how well investments perform. It's easy to see why many younger people see owning a nice house or having a good pension as impossible – unless they inherit it. Differences in pension wealth and the swelling value of homes have widened the generational wealth gap over the last 20 years. A study by the Resolution Foundation think tank found that between 2006-08 and 2018-20, median wealth among Britons in their 60s rose by 55pc in real terms, but for those in their 30s, it fell by 34pc. At the same time, the share of Britain's wealth held by the under-40s has fallen from 7.5pc in 2010 to 4pc today. Molly Bloome, of the Resolution Foundation, warns that younger generations are becoming more reliant on financial gifts, and that this form of trickle-down economics will only widen the generational wealth gap. 'There's a big element of luck at play – you can't choose who your parents are, and having wealthier parents obviously puts you in a much better position, especially if they own their own home.' But there is an implicit obligation attached to these transfers, she adds. 'It's a case of, 'Help me on to the housing ladder, then I'll help you pay for care in old age'. It's not just a one-way street.'
