Free yourself of pension liberation scammers

By Gavin Sherriff

The prospect of cashing in a pension early can be tempting.

However, pension liberation, things get, don’t be tempted to as it’s called, comes with huge cash in your pension. risks that cause misery for many. “Don’t do it – the people behind

Rogue firms entice people these scams are rogues who into accessing their pension pot exploit people’s vulnerabilities.” as a lump sum or loan without Another 49- year- old scam explaining that doing this before victim, faces a potential tax bill of you’re 55 can leave you paying £18,000 and risks losing her home most of the cash in tax. after falling victim to a pension

Victims can also find their loan scam. re t i re m e n t savings have She said: “These scams target been mov e d into vulnerable people. I feel very unregulated high- risk angry that I’ve been misled. or bogus investments “Ignore the sales patter, that mean they lose it i g n o re the glossy all. Until Wednesday, websites, ignore the

At least £495 million Sainsbury’s customers cold calls and text is known to have been who spend £60 or more messages.” paid into pension will get a voucher Chief executive scams, but the real entitling them to of The Pe n s i o n s figure may be higher 10p off per litre of Advisory Ser vice, as many victims don’t fuel. Michelle Cracknell, report what has happened said: “Our helpline gets to them. many calls from people who’ve

Cases that have come to been targeted by unscrupulous the attention of The Pensions cold callers pressuring them Regulator include a woman into making often irreparable whose 40- year- old son took his decisions about their pensions. life after transferring his £ 42,000 “We worry that many people work pension. A promised £17,000 who fall for these scams do not ask lump sum didn’t materialise for help due to embarrassment.

She said: “I don’t want other “We urge anyone that has mothers to suffer what I and what any doubt about what they are my family has been through. hearing or what they have done to

“No matter how desperate contact us