A Midlands-based pension adviser firm has failed and been declared in default by the Financial Services Compensation Scheme, the industry compensation safety-net.

A former Pensions Minister and retirement expert has attacked the government’s Budget day decision to include pensions and pension death benefits within estates for inheritance tax (IHT) purposes.

A financial adviser firm - Chesterton Grant Limited of Yorkshire - has been declared as failed by the Financial Services Compensation Scheme after a complaint about SIPP advice against the firm was upheld.

Most of failed Sipp firm PSG SIPP Ltd (PSGS), has been sold to Alltrust Services Limited with one part, Unity SIPP, sold to London & Colonial.

HMRC repaid £44.3m to savers who paid too much tax when first accessing their pension between 1 July and 30 September.