Planning for wills, trusts and estate management is likely to be impacted upon in the near future by the economic crisis, which has seen pension pots drastically reduce in value, it has been stated.

According to Emma Soames, editor-at-large of Saga magazine, part of Saga Group, recent statistics carried out by the company revealed "frightening and bad news for lots and lots of people".

The research, carried out on behalf of the BBC, showed that since October 2007 the value of private pensions savings of 3.7 million people in the UK has declined by 29 per cent.

"Big companies are having to begin to look at the ways they run their pension schemes because they are under so much pressure," explained Ms Soames.

"I imagine that [businesses] looked at the options, they might have looked at their pension arrangements, they might have looked at the length of the working week et cetera and come up with this option."

People in Northern Ireland impacted upon by the decline can talk to their solicitors on what options to pursue in relation to their assets, including inheritance tax management.
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