Starting with the pension fund, it is important to ensure that any death benefits payable were you to die before retirement, can be paid to a trust. Otherwise, any such death benefit will be added to the rest of your estate and you would have a substantial IHT problem. As far as your own house is concerned, you would certainly be liable to IHT on the full value on your death. Remember, IHT planning may look deceptively straightforward, but the deeper you dig, the more complex it becomes. Consider paying an hourly rate for the advice you need.
Inheritance tax tends to be a political football.
Under the Tory government, there were murmurings that the tax might be abolished, but under new Labour, there've been hints that the tax would be made tougher to avoid. It can inevitably be a complicated tax but there are ways of minimising your potential liability, some of which are quite straightforward. If you decide to make no significant IHT plans, and this may be unwise, you should nevertheless ensure that your wills are written properly. The PIA does not regulate mortgages, current or deposit accounts, credit cards, loans or general and medical insurance.