The dangers of 'Pensions Liberation'
An increasing number of companies are targeting savers with pension scams claiming that they can help them take their pension cash early - usually before age 55. Most of the time this is not possoible and results in large tax charges being levied upon the individual, this is generally not explained by the fraudsters. Individuals may be targeted through websites, mass texting or through cold calls. Individuals should be very wary about giving out information in response to a text or cold call. They should always make sure that they know who they are dealing with.
Pension scams can take many forms. Some scams will appear to be legal, and some scammers may even suggest that the Government has asked them to contact you.
Watch out for these common features of pension scams:
1) Phrases like ‘one-off investment opportunities’, ‘free pension review’, ‘legal loopholes’, ‘cash bonus’, ‘government endorsement’ are used.
2) Victims are approached out of the blue over the phone, via text messages or in person door to door.
3) The fraudsters offer to arrange transfers of your money overseas.
4) Access to pension before age 55 is promised.
5) No member copy of any documentation is supplied.
6) Victims are encouraged to speed up transfer of their money to the new scheme.
SSASPractitioner.com Ltd help HMRC and the Pensions Regulator stamp out this 'liberation' wherever possible, the industry's reputation is being tarnished and indiviudals' savings wiped out. Any of our clients attempting to 'liberate' their pension will be immediately reported to HMRC.