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Updated on 23 April 2021
Recently, you may have heard about ‘Pension Liberation’ in the media. This section provides information on how to scamproof your savings.
Pensions Liberation Fraud is where companies offer cash incentives to release pension funds before the normal retirement age of a pension plan. The companies that make these promises often charge high fees, such as 20% or more of the pension fund, to ‘release’ funds and often do not make payment to members at all.
Any members that use these companies to release funds may also be issued with an ‘Unauthorised Payment' charge by HM Revenue & Customs.
Before you agree to transfer your benefits to another provider, please read the ‘Don't let a scammer enjoy your retirement’ guide produced by The Pensions Regulator.
The Financial Conduct Authority also has information on its website to help prevent pension scams. Please visit ScamSmart to view the information.
© 2021 IBM United Kingdom Pensions Trust Limited