SIPPs: Regulators tighten the net around pension liberators

The Pensions RegulatorThe Pensions Regulator (TPR) has announced plans to tackle the growing number of pension liberation schemes. Pension liberation is the relatively harmless sounding name given to the pernicious practice of helping people access their pension before the age of 55, the earliest at which the vast majority of pensions can be taken. In December 2011 the High Court ruled that schemes which allowed people to access their pension before the age of 55 was illegal. However, despite this the amount of money ...

Pensions: HMRC warn about pension ‘unlocking’ schemes

FTAdviser, a publication for Independent Financial Advisers, are reporting that HMRC have issued a stark warning to people considering ‘unlocking’ their pensions and accessing the capital before the age of 55. FTAdviser reported yesterday that two websites, promising to be able to ‘unlock’ an individual’s pension before the age of 55, were causing particular concern. Retirement rules Pension rules mean that an individual cannot generally access the tax free lump sum or income from their pension until the age of 55. Our ...