HMRC could charge 70% over TFC confusion

Scottish Equitable reveals it is receiving a number of queries to its technical services area on whether the company will accept a pension fund transfer after the member has received a pension commencement lump sum (PCLS) or tax-free cash. These queries suggest people believe once the PCLS has been paid the remainder of the funds is left in a pot with the ability to switch to another provider if required to move into an unsecured pension (USP). But Scottish Equitable says this would be a potentially serious breach of legislation as its understanding of the rules, which has been confirme...