Welcome to the Fraud in Pensions Panel

The Fraud in Pensions Panel is a new cross-party initiative established to undertake a deep dive into fraud within the UK pensions system, with a particular focus on how HMRC tax charges have compounded harm to victims of pension scams and fraudulent arrangements.

The Panel’s initial work will centre on the Ark pension case, and the ongoing consequences faced by its victims. This includes the severe financial hardship created by retrospective and punitive HMRC tax charges.

As a first step, the Panel will highlight the plight of Ark victims, amplify their voices, and actively engage with their Members of Parliament to seek political, regulatory, and policy solutions.

Leadership

The Panel’s work will be led by:

Margaret Snowdon OBE, Chair of the Pensions Scams Industry Group

Carly Barnes-Short, Chair of the IFC Advisory Board

Jeremy Cornford, Financial Adviser

Andy Agathangelou, Chair of the Transparency Taskforce. 

Professor Nigel Harper, Former Senior HMRC Officer. 

Together, they bring deep expertise in pensions, regulation, tax administration, law, consumer protection, and victim advocacy.

The Issue

Over the past two decades, thousands of people—often acting on professional advice—were drawn into pension schemes that were later deemed fraudulent, non-compliant, or abusive. Many were explicitly reassured that the arrangements were legitimate and approved.

In cases such as Ark, victims generally did not profit from these schemes. Instead, in many cases, they lost funds from their pensions and are now facing:

* Crippling HMRC tax bills, often backdated over many years

* Penalties and interest that far exceed their remaining assets

* Ongoing distress and uncertainty, often at or near retirement

* A lack of recognition as victims, with responsibility unfairly placed on individuals rather than promoters, advisers, or regulatory failings

This is not a closed chapter. The consequences of pension scams —and HMRC’s approach to enforcement—are actively unfolding today.

Our Purpose

The Fraud in Pensions Panel exists to:

* Conduct a detailed examination of pension fraud, beginning with the Ark case

* Assess the impact of HMRC tax charges on victims of fraud and mis-selling

* Challenge the fairness and proportionality of retrospective tax enforcement in these cases

* Shift the narrative from victim blame to professional misconduct and regulatory failure

* Develop practical policy recommendations to deliver justice, redress, and reform

Our Next Steps

The Panel will:

* Publish a policy paper on Ark examining HMRC’s role, and the specific impact on Ark victims

* Engage directly with MPs, beginning with those representing Ark victims, to seek parliamentary action

* Open dialogue with HMRC, HM Treasury, and regulators on tax treatment, debt relief, and enforcement reform

* Provide a platform for victim testimony, ensuring lived experience informs policy

* Lay the groundwork for wider reform, including redress mechanisms and protections for future savers

A Call for Action

The Ark case exposes a fundamental injustice: individuals misled or deceived into pension arrangements deemed fraudulent are being financially punished, while those who promoted and enabled these schemes too often escape accountability.

This initiative represents an opportunity to correct that imbalance.

By confronting pension fraud honestly — examining both the suspected scams themselves and the state’s response to victims — the UK can begin to deliver fairness, accountability, and reform.

The Fraud in Pensions Panel is committed to leading that work.