Knowledge is power: Education is best solution to pension liberation

HM Revenue & Customs's (HMRC) decision to send pension liberation victims letters outlining how much tax they owe the Exchequer was described as a 'hammer blow' by a campaign group. The victims' organisation, ACA Pension Life, said the 'protective assessment letters' were a step too far. It is standard practice for HMRC to send letters to people who have accessed their pension pots before the age of 55 to highlight how much tax they have to pay on their transferred savings. People are usually liable for a 70% charge. This consists of a 40% charge for a withdrawal, plus extra penalt...