HMRC has set up a team to investigate fraud in pension “unlocking” schemes giving people early access to their pensions.
“Companies offering them are potentially landing clients with serious problems down the line because pension ‘liberation’ payments are not intended by tax law and so could have serious tax consequences for both individuals and companies involved,” HMRC said. "In addition, the fees charged mean those using these schemes risk financial loss on top of repaying the tax relief.”
About Nick Huber
I’m a specialist business journalist and have a particular interest in tax and technology.