Can I Release My Pension?
There has been a lot of talk in the news recently of “pension liberation”.
Eighteen pension liberation websites have been suspended and arrests made as part of a crackdown by the Pensions Regulator (TPR).
The move is part of its ‘pension predators’ campaign against liberation schemes, that allow members to access their pension savings before the minimum retirement age but could result in a 55% tax charge and often come with high charges.
Action by the National Crime Agency has resulted in 18 pension liberation websites being suspended, and raids by the City of London Police in May led to seven arrests, according to the BBC.
TPR, whose chief executive is Bill Galvin (pictured), launched its campaign in February 2013 and said there was still about £495 million of pension funds currently in liberation schemes.
HM Revenue & Customs has rejected around 360 new pension scheme applications as part of its own pension liberation clampdown.
So the message is, that it is not the best thing to do. However, we at Pension advice uk understand that at times things need restructuring and in this can have marked benefits. If you would like to discuss your requirements with a Qualified IFA (Free Consultation) then call us today!
BBC NEWS – About Liberation Fraud Victims
BBC report on disreputable pension liberation companies exploiting and targeting people in the UK giving misleading advice. This news report shows examples of what can happen if you are given bad advice. See news report CLICK
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