What is pension liberation?
Pension liberation also known as 'pension loans' and 'pension scams', is a transfer of a scheme member’s pension savings to an arrangement that will allow them to access their funds before the age 55.
In rare cases – such as terminal illness – it is possible to access funds before age 55 from a current pension scheme. For the majority, promises of early cash will be bogus and are likely to result in serious tax consequences
If you have been contacted about this then please read guidance document produced by The Pensions Regulator.
WARNING - telephone scam
We understand that a recorded phone messages from an organisation presenting itself as 'The Pensions Helpline' or 'Your Pension Provider'.
From what we have been told, the recordings suggest that 'people born after 1952 are due a bonus' or 'that you may be at risk of losing part of your pension'. Recipients are prompted to press a number between 1 and 9 to continue the call.
Although we have not been informed that any of our members have been contacted this way, we want you to be aware of this scam.
We wish to make it clear that the Hampshire Pension Fund do not contact members in this manner and never requests bank details from it's members or pensioners over the phone. We always request such information in writing when it is appropriate to do so. Available evidence suggests that this is a UK-wide scam
Hampshire Pension Fund advise the following:
- Put the phone down on unsolicited telephone calls
- Never give personal or financial information out to anyone who cold calls you on the telephone
- Report any scams to Action Fraud online
- Help reduce unsolicited calls by registering with the Telephone Preference Service
Pensions increase tables - HM Treasury page with Excel multiplier table