HMRC and the Pensions Regulator (TPR) are publicising the availability of revised leaflets which warn people of the consequences of pension liberation scams.

HMRC are advising that individuals with pension savings continue to be targeted by unscrupulous companies encouraging them to access their pension savings early. Options are given for personal loans, cash incentives and one-off pension investments to encourage people to invest in these pension scams. Pension savers involved in these pension liberation scams face significant tax consequences.

HMRC has worked closely with TPR on publishing a revised set of leaflets highlighting the serious downsides of pension scams. The leaflets provide guidance on what trustees and scheme members can do to reduce the risk of becoming involved in these scams, and the tax impact of releasing pension funds early using these types of arrangements.

Internet links: HMRC news TPR website

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WBD is the trading name of WBD Accountants Limited. Registered in England & Wales. Registered company number: 5746975. Registered office address: Marlbridge House, Enterprise Way, Edenbridge, Kent TN8. Registered to carry on audit work and regulated for a range of investment activities by the Institute of Chartered Accountants in England and Wales.

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