Selling your pension?

[Kitiara]

My other half has a substantial (well it is for us) amount on a private pension which he no longer pays into, we are looking to release some equity and have been researching selling your pension early (he's 52 next week). We have found a company that seems to tick all the boxes for us, but wondered if anyone has had any experience of this type of thing? I know from research that some forms of pension selling is ilegal and you could end up paying 55% to the tax man, but the way this has been explained is that they release the money by opening an off-shore business in your name, you then give yourself a "loan" from said business which as you own the company you can dictate when/if the loan is ever paid back. Sounds plausible but are we going to end up doing porridge for fraud if we go ahead? The company is called Nation Pensions Release - if anyone has any dealings with this company I'd be grateful for their feedback.

Thanks,

Kit

[Eloise01]

Re: Selling your pension?

A very quick serach on Google and at Companies House doesn't turn up this company as existing. Which would instantly worry me since I would expect to easily find any company that has got a great reputation for achieving the results they suggest. Who are they and do you have any further information about them?

And are you certain that the short term gains of releasing money from a pension scheme outweigh what may be a valuable asset when you are a little older and have no income?

[Kitiara]

Re: Selling your pension?

Hi Eloise, thanks for the quick response. The only info we have is what is on their website and from their consultant via telephone calls. It all seems very straightforward and the old adage "if it sounds too good to be true ....." that's why I thought about asking on LB if anyone had any info on them. My main fear is that we give them all our details and sign over the pension and they disapear with our money. We haven't come across any reviews for this company - good or bad, which we had for others we looked at (forums saying "dont touch this company" etc) We do have other pensions with our current employer so we are covered for our retirement with that. We would like to release the equity to help with the legal fees we are having to pay for our residency application for my partners son. These are paid but had to take a loan out to pay them, which is why if we can get at this pension money it would be very helpful.

[Eloise01]

Re: Selling your pension?

The problem is that it may take several years for complaints to emerge - you don't always know you've been scammed straight away! Do you have a link to their website?

My other thought is that they may be off-shore too - and not governed by British law!

[Kitiara]

Re: Selling your pension?

the link is http://nationalpensionrescue.co.uk/ - thanks for your help Eloise, much appreciated

[Eloise01]

Re: Selling your pension?

Always read the small print - they don't exist! The Company is actually
IMPACT TEAM MARKETING LTD
SEYMOUR CHAMBERS
LONDON ROAD
LIVERPOOL
UNITED KINGDOM
L3 5NW
Company No. 08024333

and they have existed for only a year and have nnot yet made any accounts retuirns to Companies House (not yet required to though). They are a third party advisory company - they do not recommend or advise on the suitability of anything they advise you on. Personally, I'd go with the whole "if it sunds too good to be true..."

[Eloise01]

Re: Selling your pension?

Ps - here's the small print a bit bigger:

National Pension Rescue is a trading style of Impact Team Marketing Ltd. Please be aware that Impact Team Marketing Ltd T/A National Pension Rescue are not regulated by the FCA and do not provide financial or tax advice. Impact Team Marketing is registered in England and Wales. (Company number 8024333) National Pension Rescue acts as an introducer to companies who offer Financial Advice. Companies we use are authorised and regulated by the Financial Conduct Authority. National Pension Rescue is not authorised to give advice and we are not liable for any financial advice provided by or obtained through a third party. The information published by National Pension Rescue is for information purposes only. National Pension Rescue does not provide advice on the suitability of the Umbrella Pension Trust Arrangement or any other Trust or Pension arrangement. You are recommended to speak to a suitably qualified professional before you conduct any transactions of this nature. Please be advised that Pension Liberation/Loan schemes will almost certainly result in a 55% tax charge. A SIPP or SSAS is a type of pension for people comfortable making their own investment decisions about their retirement. Investments go down in value as well as up so you could get back less than you invest. Currently the rules allow you to normally access your pension benefits at age 55. Taking benefits earlier than your normal retirement age will almost certainly reduce your pension income in retirement and is only suitable for a limited number of people and circumstances. This should not be seen as an easy option for raising cash. This Site complies with Cookie Laws within the EU

[ploddertom]

Re: Selling your pension?

I would imagine taking it this early will impact on later life as left another 8 -13 years the Benfits would be even greater. I would treat this with great suspicion as you don't get anything for nothing.

[Kitiara]

Re: Selling your pension?

Many thanks for your help with this Eloise, we'll be taking your advice and not doing business with them. I don't suppose you know of any reputable companies do you lol?

Thanks,
Kit

[Eloise01]

Re: Selling your pension?

Sorry - finding out about companies is a "byproduct" of employment law, but I don't know anything I don't need to know about financial services! But I tend to agree with Ploddertom - the benefits of pension investment, even frozen ones, tend to be designed for the long term and for later life. I can't see how anyone but the people you pay to get you out of the pension would benefit by it.

[Sapphire]

Re: Selling your pension?

My husband had a very similar situation a couple of years ago, we went to a Financial Advisor who was recommended to us, what I'm saying is that they might be the way forward.

[ostell]

Re: Selling your pension?

Quick search on the internet
nationalpensionrescue.co.uk registered to a Jay Parmar trading as UK Property Plan
propertyduck.co.uk registered to Jay Parmar
internetmarketingtoday.co.uk registered to Jay P

This was a couple of minutes work. Telephone numbers and addresses tally up

Jay Parmar? This is him

One site is talking about returns of 20%

I think not.

[MIKE770]

Re: Selling your pension?

Quick search on the internet
nationalpensionrescue.co.uk registered to a Jay Parmar trading as UK Property Plan
propertyduck.co.uk registered to Jay Parmar
internetmarketingtoday.co.uk registered to Jay P

This was a couple of minutes work. Telephone numbers and addresses tally up

Jay Parmar? This is him

One site is talking about returns of 20%

I think not.

20% blimey there goes a Pink elephant (more chance you see a Pink elephant than get a rate like that), do not fall into these con boys traps, very little return on pensions at the moment, if there was I would not be struggling these days trying to survive on the little return for all the pensions I had, it does not work that way, even me had 9 years of no interest added by Insurance company, there you have the truth.

[sloane82]

Be careful always check the FCA register.

[MIKE770]

Be careful always check the FCA register.

This is a very old thread 2013