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{"sheet":"Homepage","index":0,"n_rows":20,"n_cols":18,"rows_kept":20,"cut":false,"hidden":false,"merged":[[17,7,17,8],[19,1,23,10],[0,1,0,2],[0,4,0,5],[3,1,3,2],[3,4,3,10],[6,1,6,2],[7,1,16,10],[0,8,0,9]]}
[null,"Pension Legacy Modelling Tool\nbuilt by M&G",null,null,null,null,null,null,"Tax Year 2025/26"]
[]
[]
[]
[null,"This tool is for UK financial professionals only. ",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"Assumptions"]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"Uses UK rates for NSND"]
[null,"Important information about this tool",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"Will be issue for SRIT if PA lost"]
[null,"This tool allows you to estimate  the potential net legacy that an individual can use with excess pension savings, demonstrating the impact gifting of the proposed changes to discretionary pension death benefits forming part of their estate from 2027. \nIt does not take into account all the possible individual circumstances that may impact on the tax position of the individual or their beneficiary.\nIt should not be taken as offering advice or any recommendation.\nYou should be satisfied that the information you have entered into the calculator is correct, and ensure that the outputs are correct for your client. \nThe information in this modeller is based on our current understanding of legislation and HMRC practice as at October 2025 all which is subject to change without notice.\nEvery care has been taken as to its accuracy, but it must be appreciated that neither M&G nor its representatives can accept any responsibility for loss, however caused, suffered by any person who has acted or refrained from acting as a result of material contained in this tool. \nPlease note, this tool will cease to operate at the end of the tax year displayed above.   ",null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"AMC & platform charges same wrapped or not"]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"Wrapper charge for bonds taken at end of year"]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"Rounding  to 0 DP"]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"Beneficial ordering caveat, 11k NSND, £100 savings gives onshore tax bill that wouldn't exist. "]
[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,"BRB left for offshore won't factor in divis going into HRT"]
[]
[]
[]
[]
[]
[null,"Important information about the calculations"]
[]
[null,"Growth is applied annually in arrears.\nThe legacy is not being passed to a spouse or civil partner (i.e. the inter-spousal exemption is not applied).\nThe tool does not calculate IHT on gifts already made (e.g. the 14 yr rule).\nThere are no loan repayments or loan write offs for the loan trust.\nThe rate of taxation for the pension holder and the beneficiary is applied to the whole fund. You do not have to use marginal rates of tax, so for example if half the benefit will be in basic rate and half in the higher rate (based on UK rates of taxation, you can alter the marginal rate of tax to factor this in. (In this example you would use 30%).\nThe rate of taxation for the beneficiary is again applied to the whole fund, there are no allowances (Personal Allowance, Annual Exempt Amount for CGT etc) factored into this. No top slicing is applied. \nThe tool ignores initial charges, periodic charges, and taper relief, and assumes no nil rate band is available. It also assumed that any business relief qualifies for 100% IHT relief. "]

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[null,"Pension Legacy Modelling Tool\nbuilt by M&G"]
[null,"Inputs",null,null,null,null,null,null,null,null,"Key"]
[]
[null,"Pension value",0,null,"Net growth",null,null,null,null,null,"Net Legacy"]
[null,"Pensionholder tax rate",0,null,"Pensions",0]
[null,"Beneficiary tax rate",0,null,"Loan Trust and Gifts",0,null,null,null,null,"Inheritance Tax"]
[null,"Term (years)",0,null,"Business Relief",0]
[null,"IHT",0.4,null,null,null,null,null,null,null,"Beneficiary Income Tax"]
[]
[null,"Tax and Net Legacy Breakdown by Term"]
[]
[null,{"$f":"Details!G7","v":"Values after 2 years"},null,null,{"$f":"Details!G13","v":"Values after 7 years"},null,null,null,null,{"$f":"Details!G19","v":"Values at end of term"}]

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[null,"Pension Gifts Modelling Tool\nbuilt by M&G",null,null,null,null,null,null,null,null,null,null,null,null,null,null,"Kill code","2026-04-05",{"$f":"TODAY()","v":"2025-11-11"},{"$f":"AND(S1>R1)","v":false}]
[null,"Inputs",null,null,null,null,"Pension\n(pre 75)","Pension\n(post 75)","Loan \ntrust","Gift","Exempt \ngift","Business relief","Pension\n(post 75, No IHT)"]
[null,{"$f":"Tool!B4","v":"Pension value"},{"$f":"Tool!C4","v":0},null,"Initial pension value",null,{"$f":"C3","v":0},{"$f":"G3","v":0},{"$f":"H3","v":0},0,0,0,0]
[null,{"$f":"Tool!E4","v":"Net growth"},null,null,"Tax on withdrawal",null,"N/A","N/A",{"$f":"I3*$C$8","v":0},{"$f":"J3*$C$8","v":0},0,0,0]
[null,{"$f":"Tool!E5","v":"Pensions"},{"$f":"Tool!F5","v":0},null,"Invested amount",null,{"$f":"G3","v":0},{"$f":"H3","v":0},{"$f":"I3-I4","v":0},0,0,0,0]
[null,{"$f":"Tool!E6","v":"Loan Trust and Gifts"},{"$f":"Tool!F6","v":0},null,"Rank",null,{"$f":"RANK(G5,$G$5:$M$5,0)","v":1},{"$f":"RANK(H5,$G$5:$M$5,0)","v":1},1,1,1,1,1]
[null,{"$f":"Tool!E7","v":"Business Relief"},{"$f":"Tool!F7","v":0},null,null,null,"Values after 2 years"]
[null,{"$f":"Tool!B5","v":"Pensionholder tax rate"},{"$f":"Tool!C5","v":0},null,"Gross value",null,{"$f":"G5*(1+C5)^2","v":0},{"$f":"H5*(1+C5)^2","v":0},{"$f":"I5*(1+C6)^2","v":0},{"$f":"J5*(1+C6)^2","v":0},{"$f":"K5*(1+C6)^2","v":0},{"$f":"L5*(1+C7)^2","v":0},{"$f":"M5*(1+C5)^2","v":0}]
[null,{"$f":"Tool!B6","v":"Beneficiary tax rate"},{"$f":"Tool!C6","v":0},null,"Inheritance tax ",null,{"$f":"G8*C12","v":0},{"$f":"H8*C12","v":0},{"$f":"I5*C12","v":0},{"$f":"J5*C12","v":0},0,0,0]
[null,{"$f":"Tool!B7","v":"Term (years)"},{"$f":"Tool!C7","v":0},null,"Beneficiary income tax",null,"N/A",{"$f":"(H8-H9)*$C$9","v":0},{"$f":"(I8-I5)*C9","v":0},{"$f":"(J8-J5)*C9","v":0},{"$f":"(K8-K5)*C9","v":0},0,{"$f":"M8*C9","v":0}]
[null,null,null,null,"Net legacy",null,{"$f":"G8-G9","v":0},{"$f":"H8-H9-H10","v":0},{"$f":"I8-I9-I10","v":0},0,0,0,{"$f":"M8-M9-M10","v":0}]
[null,{"$f":"Tool!B8","v":"IHT"},{"$f":"Tool!C8","v":0.4},null,"Rank",null,{"$f":"RANK(G11,$G$11:$M$11,0)","v":1},{"$f":"RANK(H11,$G$11:$M$11,0)","v":1},1,1,1,1,1]
[null,null,null,null,null,null,"Values after 7 years"]
[null,"Growth is applied annually in arrears.\nThe legacy is not being passed to a spouse or civil partner (i.e. the inter-spousal exemption is not applied).\nThe tool does not calculate IHT on gifts already made (e.g. the 14 yr rule).\nThere are no loan repayments or loan write offs for the loan trust.\nThe rate of taxation for the pension holder and the beneficiary is applied to the whole fund. You do not have to use marginal rates of tax, so for example if half the benefit will be in basic rate and half in the higher rate (based on UK rates of taxation, you can alter the marginal rate of tax to factor this in. (In this example you would use 30%).\nThe rate of taxation for the beneficiary is again applied to the whole fund, there are no allowances (Personal Allowance, Annual Exempt Amount for CGT etc) factored into this. No top slicing is applied. \nThe tool ignores initial charges, periodic charges, and taper relief, and assumes no nil rate band is available. It also assumed that any business relief qualifies for 100% IHT relief. ",null,null,"Gross value",null,{"$f":"G5*(1+C5)^7","v":0},{"$f":"H5*(1+C5)^7","v":0},{"$f":"I5*(1+C6)^7","v":0},{"$f":"J5*(1+C6)^7","v":0},{"$f":"K5*(1+C6)^7","v":0},{"$f":"I5*(1+C7)^7","v":0},{"$f":"H14","v":0}]
[null,null,null,null,"Inheritance tax ",null,{"$f":"G14*C12","v":0},{"$f":"H14*C12","v":0},{"$f":"I9","v":0},0,{"$f":"K9","v":0},0,{"$f":"M9","v":0}]
[null,null,null,null,"Beneficiary income tax",null,{"$f":"G10","v":"N/A"},{"$f":"(H14-H15)*$C$9","v":0},{"$f":"(I14-I5)*$C$9","v":0},{"$f":"(J14-J5)*$C$9","v":0},{"$f":"(K14-K5)*$C$9","v":0},0,{"$f":"(M14-M15)*$C$9","v":0}]
[null,null,null,null,"Net legacy",null,{"$f":"G14-G15","v":0},{"$f":"H14-H15-H16","v":0},0,{"$f":"J14-J15-J16","v":0},0,0,{"$f":"M14-M15-M16","v":0}]
[null,null,null,null,"Rank",null,{"$f":"RANK(G17,$G$17:$M$17,0)","v":1},{"$f":"RANK(H17,$G$17:$M$17,0)","v":1},1,1,1,1,1]
[null,null,null,null,null,null,{"$f":"IF(Tool!C7=0,\"Values at end of term\", \"Values after \"& C10 &\" years\")","v":"Values at end of term"}]
[null,null,null,null,"Gross value",null,{"$f":"G5*(1+C5)^C10","v":0},{"$f":"H5*(1+C5)^C10","v":0},{"$f":"I5*(1+C6)^C10","v":0},{"$f":"J5*(1+C6)^C10","v":0},{"$f":"K5*(1+C6)^C10","v":0},{"$f":"L5*(1+C7)^C10","v":0},{"$f":"H20","v":0}]
[null,null,null,null,"Inheritance tax ",null,{"$f":"G20*$C$12","v":0},{"$f":"H20*$C$12","v":0},{"$f":"I15","v":0},{"$f":"IF(Tool!C7>6,0,Details!J9)","v":0},0,0,0]
[null,null,null,null,"Beneficiary income tax",null,"N/A",{"$f":"(H20-H21)*C9","v":0},{"$f":"(I20-I5)*C9","v":0},{"$f":"(J20-J5)*C9","v":0},{"$f":"(K20-K5)*C9","v":0},0,{"$f":"(M20-M21)*C9","v":0}]
[null,null,null,null,"Net legacy",null,{"$f":"G20-G21","v":0},{"$f":"H20-H21-H22","v":0},0,0,0,0,{"$f":"M20-M21-M22","v":0}]
[null,null,null,null,"Rank",null,{"$f":"RANK(G23,$G$23:$M$23,0)","v":1},{"$f":"RANK(H23,$G$23:$M$23,0)","v":1},1,1,1,1,1]