People dipping into their pensions for the first time are triggering complex tax rules, according to analysis by retirement specialist Just Group.

Financial advisers and industry experts have expressed concern about the ‘stealth tax’ threat from Inheritance Tax after receipts grew to £3.5bn for the latest six month period, up £400m year on year.

HMRC has fined 68 estate agents a total of more than £500,000 for breaching money laundering regulations.

Private pension savers withdrew £3.57bn in the second quarter of this year, a 23% increase year-on-year.