Phoenix Group sees 340% rise in suspected pension liberation

The closed life fund consolidator is writing to customers who make pension liberation requests, along with those who have already liberated their pensions, to ensure they are aware of the consequences. Customers still going through the process have had their transfers put on hold until the receiving schemes can be confirmed as legitimate. The firm has conducted a review of the market to develop intelligence on suspicious schemes. It is also involved with working groups to lobby HMRC for change. It believes regulatory requirements need to change to make it more challenging to set up...