Pensions advisers, lawyers and administrators have called for tougher action from the UK tax authorities, after being left with the "time-consuming and expensive" task of monitoring “suspicious” pensions liberation providers.

Pensions liberation involves converting a pension into cash before the age of 55, the standard limit for the vast majority of pension schemes in the UK. To do this, members must transfer their pension out of their employer's scheme and into one set up by the companies providing the service. These companies must be registered with Her Majesty's Revenue and Customs.