Crackdown on pension liberation schemes welcome for exposing risks, says Eversheds

Claire Carroll, pensions litigation specialist and partner at Eversheds, has commented following news that several websites have been frozen as part of a campaign against pension liberation schemes run by the UK Pensions Regulator.

Carroll said: ‘In our experience, pension liberation schemes present real headaches for all those involved in the member’s transfer request, be it the trustees, administrators, life offices or the banks that receive the funds.

‘The biggest problem is that the member is usually insistent that the transfer take place because they need the cash quickly. Any publicity that helps make members more aware of the significant long-term financial risks to them will be welcomed by the industry.’