Watch out watch out there are pension liberation fraudsters about

Reputable Independent Financial Advisors Enable of Bishop’s Stortford have been shocked recently to read in a recent report that as many as 13 per cent of people aged over 50 have been targeted by fraudsters trying to get them to cash in their pension pots. These so called 'Pension liberation' fraudsters try to persuade people to cash in their retirement savings early, but they either charge huge fees or try to take all your money outright.  According to the poll carried out by Fidelity Worldwide Investment three out of five of those approached could see it was a scam straight away, but 27 per cent did not and a further 12 per cent were interested in the conversation and trusted the advice.

“Pension liberation” describes a way of releasing pension funds, usually before the age of 55, and converting those funds partly or entirely to cash.  The process is sometimes also known as taking a “pension loan”, such schemes are offered by companies that make money by charging you a fee or by taking cash direct from your savings, which may be as much as a third of the value of your pension pot.

The poll also found that people aged 50-59 were the most likely to be approached, as pension liberation firms try to exploit lack of knowledge of what age you have to have to access your pension lump sum and other rules. While 41 per cent of the people asked correctly replied you must be 55 or older to access a 25 per cent lump sum from your pension, the rest either gave different replies or said they didn't know. Make sure you seek advice form reputable Independent Financial Advisors.

Issued by: Enable Independent Financial Life Planners
25c North Street, Bishops Stortford, Herts CM23 2LD
Telephone: 01279 755950 - Fax: 01279 657339
Enable Independent Financial Life Planners is a trading style of Enable Independent Limited is authorised and regulated by the Financial Conduct Authority.
It is important always to seek independent financial advice before making any decision regarding your finances. If you would like any assistance, please contact us.
NOTHING CONTAINED IN THE ARTICLES SHOULD BE CONSIDERED AS GIVING INDIVIDUAL FINANCIAL ADVICE