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Pension Scams

Beware of a Pension Liberation scam.

All pension schemes are governed by regulations that set out when and how you can draw your pension benefits, which safeguards your benefits until your retirement.

Under current Local Government Pension Scheme (LGPS) regulations, you are able to retire voluntarily from age 55, although your benefits may become payable earlier on ill health grounds (subject to certification from the Fund's Independent Registered Medical Practitioner).

So be very careful if you are approached by a company offering a pensions liberation scheme. In other words, a scheme that they claim will let you draw your pension early.

Don't be fooled by their claims that they can help you draw your pension early because of a legal loophole, as this is NOT the case.

If you do elect to transfer your benefits from the LGPS to one of these schemes, beware of the fees and charges that may get levied against your pension pot, plus there may well be a hefty tax charge to be paid, as you have drawn on your benefits before you should. As a result, you may lose most or even all of your pension pot! So don't get caught by this pension scam!

Always consider seeking Independent Financial Advice before making any decision to transfer your benefits from the Local Government Pension Scheme.

For further information, please refer to The Pensions Regulator (TPR) website.