New warning over early release pension offers

The Pensions Regulator (TPR), Financial Services Authority (FSA) and HMRC said they had each detected an increase in schemes that claim to be able to provide loans or release tax-free cash from people's pension pots before they reach age 55. They said known transferred funds amounted to some £200m by the end of 2011. The organisations urged individuals not to be taken in by website promotions, cold-calls or adverts encouraging them to transfer their existing occupational or private pension to a new arrangement in order to access a cash payment or loan. These schemes usually work by...