CASHING IN A PENSION - SCAM |?

Not looked at the link but don't these companies basically buy the pension rights from you for a relative pittance. Could be wrong because as I said don't want to open the link. Unless your Uncle is strapped for cash suggest you just throw it in the bin.

he got told that they would offer him about 25k for the 40k pension so to him its tempting but after speaking to someone else on it they said there might be a charge made on it and also the tax office would be looking at sending him a tax bill for 55% of it... I think its dodgy as hell but he is really tempted since he could do with the cash, esp at the minute...

a warning on one such scheme

FSA warns over unauthorised pension cash-in firm
Regulator publishes alert warning investors not to deal with firm that claims to be able to cash in their pension.

By Ashley Wassall | Published Oct 24, 2011 | 1 comments
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The Financial Services Authority has issued a warning to consumers over an unauthorised firm that claims to be able to unlock the cash held in an individual’s pension fund.

An official alert published on the regulator’s website highlights a firm trading as Cash my Pension, which operates through the website cashmypension.com.

The FSA states in the alert that the firm is unauthorised and therefore consumers would not have recourse to the Financial Ombudsman Service or the Financial Services Compensation Scheme in the event that their investment is lost.

The intervention follows on from concern that was raised by several industry experts over so-called ‘open pension’ schemes earlier this year.

Particular concern was raised over one such scheme, The Pension Tap & Open Pensions, which was operated by unauthorised firm Harbro Investments Limited and claimed to be able to offer savers access to 50 per cent of their pension fund.

A spokesman for HMRC said of the scheme: “HMRC cannot comment on an individual scheme, however, we have a responsibility to ensure everyone pays the correct amount of tax owed.

“Any scheme whereby a member gains access to a pension pot prematurely is likely to give rise to unauthorised payment charges.

they been back in touch with him and they are trying to say it all sits outside the finance act ?????? so uk laws dont apply

I've just cashed in an old pension it was worth 23k.
i could only cash it in due to bad health.
it was sold to another firm,and i got 7grand lump sum
then every month for the rest of my life i get 81 pounds.
read this post i think it might start to answer your question.

http://forums.moneysavingexpert.com/showthread.php?t=451303

this company will only be in it for themselves not the pension holders not rocket science this

Please for the OP tell him not to do it,he has worked hard so why give it away to shysters

Dec 10, 2012 -- 6:46PM, Cuppa-tea-for-the-big-fella? wrote:

they been back in touch with him and they are trying to say it all sits outside the finance act ?????? so uk laws dont apply

And of course they will be around when HMRC asks for the tax that is due.  Run away as fast as possible. 

Bear in mind that now he has talked to them his contact details are likely to be farmed out to other scam teams as well.

pensions will be worth nothing by the time you get them,and by the way people are not living longer contrary to the propaganda.