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…
If you are registered and logged in to the site, click on the link below to read the rest of the Addleshaw Goddard briefing. If not, please register or sign in with your details below.
Sign in or Register to continue reading this article
It's quick, easy and free!
It takes just 5 minutes to register. Answer a few simple questions and once completed you’ll have instant access.Register now
Why register to The Lawyer
In-depth, expert analysis into the stories behind the headlines from our leading team of journalists.
Identify the major players and business opportunities within a particular region through our series of free, special reports.
Receive your pick of The Lawyer's daily and weekly email newsletters, tailored by practice area, region and job function.
More relevant to you
To continue providing the best analysis, insight and news across the legal market we are collecting some information about who you are, what you do and where you work to improve The Lawyer and make it more relevant to you.
News from Addleshaw Goddard
News from The Lawyer
Briefings from Addleshaw Goddard
Update on credit developments.
An analysis of the CMA’s recent Crossrail decision.
Analysis from The Lawyer
Which firms are cutting it in this era of slimline rosters, and who are the GC new brooms making clean sweeps? The Lawyer can reveal all
Could Slater & Gordon achieve its stated aim of becoming a top consumer brand by acquiring Pannone?