HMRC cracks down on pension 'liberation' fraud

clock •

HM Revenue & Customs (HMRC) is set to de-register up to 500 pension 'liberation' providers as part of a wider crackdown on the schemes.

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...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Tax Planning

More than half of UK wants inheritance tax scrapped

More than half of UK wants inheritance tax scrapped

YouGov poll

Patrick Brusnahan
clock 05 October 2026 • 1 min read
A 'mainstream' planning issue: IHT receipts hit £3.2bn

A 'mainstream' planning issue: IHT receipts hit £3.2bn

Up by £100m on last year

Isabel Baxter
clock 21 August 2026 • 4 min read
Transact launches flexible reversionary trust ahead of 2027 IHT changes

Transact launches flexible reversionary trust ahead of 2027 IHT changes

Strengthening onshore and offshore bond offering

Isabel Baxter
clock 11 June 2026 • 2 min read