Victim of Pension Transfer

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Myki
Myki Posts: 1 Newbie
in Pensions, annuities & retirement planning
I along with several hundred people have fallen victim to a one Mr Simon Colfer, it what was termed as a rebated commission pension transfer. I am wondering if there is anyone on here that can provide some advice. Although I did not access my pension fund I still received a payment from this person. I have now incurred a huge tax bill. Have been speaking to HMRC which is like talking to a wall. The said person pleaded guilty and got a one year prison sentence and walks free. Yet I and hundreds of others have the tax demand to address. I know we have been foolish and naive so i dont need anyone saying that but just wondered if anyone can advise on the tax issue and who i could contact to discuss the circumstances and see if anything can be done.

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  • molerat
    molerat Posts: 31,857 Forumite
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    Myki wrote: »
    Although I did not access my pension fund I still received a payment from this person.
    Where do you think that money came from ? You transferred your pension to access that money no matter how it was dressed up. It was illegal and well publicised as such, I doubt HMRC will give an inch on this.
  • dunstonh
    dunstonh Posts: 116,376 Forumite
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    Although I did not access my pension fund I still received a payment from this person. I have now incurred a huge tax bill.

    Typically the scams did not use retail products and there were no commissions. So, any payment to you was an unauthorised payment. Even where retail products were used back in the commission days, the commission could not be rebated on pensions as it was considered an unauthorised payment by HMRC.
    I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
  • Thrugelmir
    Thrugelmir Posts: 89,546 Forumite
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    Myki wrote: »
    Have been speaking to HMRC which is like talking to a wall.

    The HMRC is there to enforce the law. What are you expecting from them?
  • Aylesbury_Duck
    Aylesbury_Duck Posts: 13,992 Forumite
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    Myki wrote: »
    I along with several hundred people have fallen victim to a one Mr Simon Colfer, it what was termed as a rebated commission pension transfer. I am wondering if there is anyone on here that can provide some advice. Although I did not access my pension fund I still received a payment from this person. I have now incurred a huge tax bill. Have been speaking to HMRC which is like talking to a wall. The said person pleaded guilty and got a one year prison sentence and walks free. Yet I and hundreds of others have the tax demand to address. I know we have been foolish and naive so i dont need anyone saying that but just wondered if anyone can advise on the tax issue and who i could contact to discuss the circumstances and see if anything can be done.
    Nothing can be done. You willingly entered into an arrangement that broke pension rules and tried to benefit from an unlawful scheme. You've received a payment and must pay the tax owed on it. What do you expect HMRC to do because in fairness to them (and all other taxpayers), they have a duty to collect the tax.
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