OAPs lose majority of pension after offshore tax defeat

Neil and Megan Gretton used a pension unlocking scheme to move two pension pots, totalling £231,000, to Guernsey in 1996. The report said the plan promised the couple the change to avoid buying an annuity and to be able to be pass their pension funds on to their children when they died. However, HM Revenue & Customs (HMRC) decided the transfers were invalid because the couple had not moved to Guernsey, they had only leased a property there for three months as they thought that was sufficient. The Grettons argued they had transferred their money in good faith but HMRC said the sch...