HMRC tightens pension scheme registration to tackle liberation fraud

This comes after repeated calls from the industry for HMRC to improve registration in order to cut off liberation schemes at their inception. From 21 October, HMRC will move away from a "process now, check later" approach. Scheme registration will no longer be confirmed on successful submission of the online form, and instead the revenue will carry out "detailed risk assessment activity" before deciding to register a scheme. HMRC will also make it more difficult to transfer funds between registered schemes. When trustees request information from HMRC about the legitimacy of a re...