Campaign against pension liberation scams
The Pensions Regulator, with other agencies, has launched a campaign against pension ‘liberation’ scams whereby a member is encouraged to transfer his benefits from a UK-registered pension scheme to another arrangement on the understanding that this will enable him to access the cash within his fund without the usual age and/or lump-sum limits applying. The regulator warns that members are sometimes encouraged to transfer their benefits to such arrangements without being informed that this could give rise to an unauthorised payment, resulting in punitive tax charges, or that the person arranging the transfer will take a large proportion of the fund as a fee. Such transfers are often to overseas arrangements, making funds difficult to trace.
The Regulator has produced a leaflet aimed at trustees giving details of some of the warning signs that indicate a transfer may form part of a pension liberation exercise and some checks which trustees can make to find out more about a receiving scheme…
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