Simon Read: Watch out for the dodgy pension liberation firms
Hundreds of thousands of savers are being targeted by unscrupulous pension liberation firms. They suggest you can unlock your pension early, but if you do so, you risk losing up to 90 per cent of your savings through tax losses.
They use jargon to fool you into believing they are genuine, but they're not. Now Liberty SIPP has published some of the tricks these people use. Some suggest you transfer your pension pot to a new company pension scheme even though you don't work for the company. That should send out danger signs.
You should also be alarmed if you're told to move your pension into a company listed on a stock exchange that you know nothing about, or into an overseas trust. Other dodgy deals involve your savings being lent to other pension savers or being used in some sort of commercial lending business.
None are legitimate. If anyone approaches you offering to unlock your pension cash, send them away with a flea in their ear.
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