Perils of an unauthorised payment

Keith Gordon looks at a case which considers the sanctions for making unauthorised payments from registered pension schemes

The taxation of pension schemes was thoroughly overhauled in the Finance Act 2004 with the new rules coming into force on 'A-Day' (though because of the extent of the changes this was postponed by a year to 6 April 2006). Although many of the provisions are undoubtedly complex, there is some advantage in having them in more or less one place.