The perils of recycling

Nowadays, we're all encouraged to recycle, from tin cans and bottles to old televisions. It's a good thing to do. Good for the environment, good for our future; and you feel good when you do it too - you're doing your bit. However, recycling is likely to cause serious problems if it involves tax-free cash (now known as pension commencement lump sum). Tax-free cash recycling is where a pension scheme member takes a tax-free lump sum and directly or indirectly reinvests the money in a pension scheme. HM Revenue & Customs (HMRC) don't want tax-free cash used in this way. They are concerned t...