Pension unlocking schemes ruled unlawful

This means members who used the company's services to access their pension pots before the age of 55 are likely to lose a proportion of their savings. The case concerned schemes which used loans to circumvent Her Majesty's Revenue and Customs (HMRC) rules preventing savers cashing in their pensions before age 55. The ruling, from Mr Justice Bean , is expected to affect about 400 scheme members with combined savings of some £25m. Judge Justice Bean ruled controversial maximising pensions value arrangements (MPVAs) structures used to allow members to make loans to members of other pe...