Warning over spam pension 'liberation' messages

It is estimated that thousands of people have been improperly persuaded to transfer £400m of their savings from legitimate pension schemes, the Times reports. Warnings were first reported about the risky schemes in 2011, after it was revealed that a number of companies were targeting cash-strapped savers and offering to release cash from their pensions before 55. Doing so risks a vast tax sting because this counts as an "unauthorised payment", not to mention a retirement spent in poverty. Now insurance companies are seeing an increase in the number of pension savers who have asked ...