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 ...