The Financial Services Authority (FSA) issued a warning this week over companies offering to release money from pensions before the permitted age of 55.
FSA pension warning
Pension rules mean that you have to be 55 to access your fund, with the only exception being a terminal illness. Once you have reached the age of 55 you can take up to 25% of the fund as a tax free lump sum with the balance providing an income, usually in the form of an Annuity.
However, these scams have offered vulnerable individuals the possibility of accessing the pension earlier.
The scams usually involve an ...