Accessing pension savings before retirement could appeal to cash strapped people at present, but regulators are taking legal action against ‘pension liberation' schemes to reclaim millions of pounds. Jenna Towler reports.
Pension liberation schemes, which extract money from pension funds before the normal retirement age through investment schemes and loans back to members, have come under increased scrutiny from regulators since the financial crisis began. These schemes, which are often found to be invalid, can leave members with depleted pension funds and no hope of getting the money back. Earlier this year The Pensions Regulator (TPR), Financial Services Authority (FSA) and HM Revenue & Customs (HMRC) joined together to issue a warning to consumers about the products, which are often marketed online, t...
To continue reading this article...
Join Professional Adviser for free
Signup and gain exclusive members-only insights
- Unlimited access to real-time news, industry insights and market intelligence
- Stay ahead of the curve with spotlights on emerging trends and technologies
- Receive breaking news stories straight to your inbox in the daily newsletters
- Make smart business decisions with the latest developments in regulation, investing retirement and protection
- Members-only access to the editor’s weekly Friday commentary
- Be the first to hear about our events and awards programmes
