Risk of £300 fine for pensions used like bank accounts

Small print in the new pension freedoms reveals how retirees will be liable for a £300 penalty if they take cash from their pot and then fail to track down every single one of their other pots within 31 days, according to the Daily Mail. These savers must then quickly send details to every insurer of which they're a customer because fines rack up at £60 a day after this. The maximum penalty is £3,000 should HM Revenue & Customs decide that a pensioner has been negligent or fraudulent. This technicality is supposed to deter retirees from taking advantage of the new pension reforms b...