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HMRC in crackdown on pension liberation schemes

HRMC has announced a new crackdown on pension liberation schemes.

The announcement includes changes to the pension scheme registration process and also to the way information is requested.

The ABI has long been calling for the introduction of this important development.

Steve Gay, Director of Life, Savings and Protection, ABI said: 

"We welcome this important development in the crackdown on pension liberation. The ABI has long called for HMRC to tighten up the process  through which a registered pension scheme can be set up. ABI members are doing everything they can to prevent people falling victim to these schemes, reporting suspicious transfers to the enforcement agencies and Government departments.

"We look forward to working with HMRC so that this process can be made effective in stopping fraudulent misuse of the pension system.”

For more information, read our advice on pension liberation.

Last updated 01/07/2016