A lifetime's savings, lost in a moment.
Pension scams
Pension scams are on the increase in the UK. Check the facts before you make an irreversible decision. A lifetime's savings can be lost in a moment.
What's a pension scam?
Pension scams are enticing savers by claiming to help them access their pension before age 55 or that people can already take more than 25% of their pension as cash. For most people the offers will be bogus and victims will lose most, if not all, of their savings.
Only in rare cases – like terminal illness – can pension scheme members take their pension before age 55. It remains the law that pension scheme members can only take up to 25% of their pension savings as a cash lump sum. Although this may change in the future it's important that members aren't fooled into thinking that is the law today.
Pension scheme members who agree to transfer may lose all their savings and may still be subject to tax charges of over half their transfer value for taking an 'unauthorised payment'.
Read the attached booklet from the Pensions Advisory Service and check out The Pensions Regulator's website http://www.thepensionsregulator.gov....ion-scams.aspx
Pension scams
Pension scams are on the increase in the UK. Check the facts before you make an irreversible decision. A lifetime's savings can be lost in a moment.
What's a pension scam?
Pension scams are enticing savers by claiming to help them access their pension before age 55 or that people can already take more than 25% of their pension as cash. For most people the offers will be bogus and victims will lose most, if not all, of their savings.
Only in rare cases – like terminal illness – can pension scheme members take their pension before age 55. It remains the law that pension scheme members can only take up to 25% of their pension savings as a cash lump sum. Although this may change in the future it's important that members aren't fooled into thinking that is the law today.
Pension scheme members who agree to transfer may lose all their savings and may still be subject to tax charges of over half their transfer value for taking an 'unauthorised payment'.
Read the attached booklet from the Pensions Advisory Service and check out The Pensions Regulator's website http://www.thepensionsregulator.gov....ion-scams.aspx