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The Financial Conduct Authority (FCA) has issued a reminder to firms that no cancellation rights exist for pension commencement lump sums (PCLS) after HM Revenue & Customs (HMRC) highlighted potential tax charge issues in its latest newsletter.
Commentators said the FCA/HMRC stance "belies belief" and runs the risk of some people facing a 70% tax charge should they change their mind after taking a lump sum. HMRC's pensions schemes news...
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