THE WAY THE WINDSOR PENSIONS PENSION LIBERATION SCAM WORKED
Members were persuaded to transfer their pension into a QROPS and with a hefty transfer fee of at least 10%. The rest was liberated with no attempt to even try to clock the transaction in a “loan” vehicle. In fact, the transfers never went anywhere near the actual QROPS but into a bank account with the same name as the QROPS. This was clear fraud.
IDENTITY OF THE MAIN PLAYER IN THE WINDSOR PENSIONS PENSION LIBERATION SCAM
Steve Pimlott of Windsor Pensions
HMRC is now sending out the tax demands to the victims and these are being appealed. It is not known how many people were involved, but according to HMRC it is a lot. When asked about the possibility of a tax liability, Pimlott’s response has been:
“I cannot give you tax advice. If you cash out, it’s possible that HMRC will send you a tax bill. We assisted approximately 5,000 people who took that route and I would estimate that 200-300 did receive a tax bill. The rest to my knowledge did not. Of those that did, many just ignored it because they were resident in a different country and had no assets left in the UK.”