HMRC cracks down on pension 'liberation' fraud

HMRC is reviewing its registration procedures for providers and will soon de-list hundreds of schemes, the Financial Conduct Authority's (FCA) Felicity Johnson said on Monday. Pension liberation schemes offer savers access to their pension funds before the age of 55, but the move could trigger a 70% tax charge. The announcement by HMRC is part of wider action being taken by the FCA, The Pensions Regulator, the Serious Fraud Office and other organisations to prevent the spread of liberation schemes. "The vast majority of pension funds abide by their legal obligations but we won't he...