Tribunal rules pension transfer loan 'unauthorised payment'

The appeal concerned a loan of £75,000 and whether or not it was an unauthorised payment to a self-invested personal pension (SIPP). The investor lost the appeal, resulting in a £30,000 tax bill. The tribunal found that, against the advice of an independent financial adviser, during September and October 2010, the investor contacted three SIPP providers in an attempt to transfer out of his British Airways defined benefit (DB) scheme into a SIPP so he could invest in a company called Imperium Enterprises. The third SIPP provider the investor contacted, Rowanmoor Pensions, expressed con...