A-Day complexity leaves TFC loophole

Although the issue will affect very few people, Aegon Scottish Equitable says advisers should be aware that the Revenue has confirmed it may be possible to take additional tax-free cash when a deferred pension is started even if a pension commencement lump sum (PCLS) had already been taken before A-Day. The insurer says there was originally a loophole in the legislation allowing people to take a second PCLS, which HMRC tried to close with only partial success. Aegon says it noticed both the regulations and the guidance manual appeared to show it was possible to take a PCLS twice from th...