Warning Against Early Release Pension Offers
2 April 2012: The Pensions Regulator, Financial Services Authority (FSA) and HM Revenue and Customs (HMRC) are warning individuals to steer clear of pension offers that claim to be able to provide loans or release tax-free cash from people’s pension pots before they reach age 55.
Scheme members should not be taken in by website promotions, cold-calls or adverts encouraging them to transfer their existing occupational or private pension to a new arrangement in order to access a cash payment or loan.
Please ensure your employees are informed of this.
If you or your employees receive requests for transfers via websites offering immediate cash on transfers, you should ensure that appropriate due diligence checks are carried out. For further information please click here.
To view the Pensions Regulator press release click here.