Risk of £300 fine for pensions used like bank accounts

clock

Thousands of savers face being hit with fines from the taxman for using their pension like a cash machine for the first time.

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 with...

To continue reading this article...

Join Professional Pensions

Become a Professional Pensions Lite Member today

  • Three complimentary articles per month covering the latest real-time news, analysis and opinion from the industry
  • Receive important and breaking news stories via our two daily news alerts
  • Hear from industry experts and other forward-thinking leaders

Are you a trustee, investment consultant or in-house pension and benefit scheme professional? You can apply for full complimentary access here

Join now

 

Already a Professional Pensions
member?

Login

More on Law and Regulation

Pensions professionals inadvertently caught up in HMRC push for tax adviser registration

Pensions professionals inadvertently caught up in HMRC push for tax adviser registration

Pensions professionals inadvertently caught up in HMRC push for tax adviser registration

Jonathan Stapleton
clock 29 September 2025 • 3 min read
FCA and HMRC pension tax-free cash cancellation stance 'belies belief'

FCA and HMRC pension tax-free cash cancellation stance 'belies belief'

Reminded firms that, in practical terms, no cancellation rights exist on PCLS

Jenna Brown
clock 25 September 2025 • 5 min read
Regulatory action whilst the horse is still in the stable

Regulatory action whilst the horse is still in the stable

Chris Edwards-Earl looks at a contribution notice for an ongoing sponsor being upheld in the UT

Chris Edwards-Earl
clock 22 September 2025 • 3 min read
Trustpilot