Pensions: New alert issued over early access pension ‘liberation’ schemes

iStock_000011714357XSmallA warning was issued this week to pension savers tempted to access their pension before the minimum age of 55. HMRC (Her Majesty’s Revenue & Customs) has warned about vulnerable consumers being targeted by “unscrupulous” firms, offering early access to pension funds, often claiming to have found a loophole in legislation. Speaking this week, HMRC said categorically: “There is no loophole”. According to HMRC pension ‘liberation’ schemes work in a number of different ways, including transfers to company schemes, loans back from the ...