IFA cold called by pension unlocking firms

Pension unlocking schemes claim to allow savers to circumvent HM Revenue & Customs (HMRC) rules investors to gain access to their retirement pot before the age of 55. Usually the company sells the investor a loan which is repaid when they are legally allowed access to their pension at 55. However, in a landmark case against Ark Business Consulting in December, pension reciprocation, or pension unlocking, schemes were ruled illegal. Members who used the company's services to access their pension pots before the age of 55 are likely to lose a proportion of their savings. Ed Fairey...