Pension - cash in under 55

butcherjb

Hi - just looking for some advice

I have an old pension with approx £26000 in the fund which I have recently moved into a SIPP. I was advised to do this so that I can borrow against the value of this from an off shore loan. I did this through the website www. cashinyourpension . com - Can anyone please advise the dangers and pitfalls I should expect. I have been told I would get approx £16,000 - I know it is not great but I could do with this money now - I could not transfer it to my new pension as the scheme did not allow this.

Help!

Linton

https://www.cashinyourpension.com looks a very professional website from a well established company. On the "About us" they claim to have 20 years experience in the Pensions and Finance industry.

Odd that the URL was first registered by Brendan James of Louisville Kentucky on 2nd April 2009. On the registration Mr James email is given as "terry@propertyshopinspain.com".

As you are no doubt aware, off shore schemes are not subject to any UK guarantees or compensation arrangements should things go wrong.

Is this giving you a warm feeling of confidence????

Linton

To carry on my researches....

propertyshopinspain.com is owned by Terence Wright
of Crawley, Zimbabwe.

RichandJ

Linton wrote: »

To carry on my researches....

propertyshopinspain.com is owned by Terence Wright
of Crawley, Zimbabwe.

Ah, so it's not Loughton Monkey's proposed site for [STRIKE]fleecing[/STRIKE] educating individuals about when they can take benefits then.

rabbitmumu

My feeling is completely opposite to Linton..

Odd that they said min is £30k fund value but yours is only £26k. Are they saying you can take that £16k as cash???

Also a bit confused. Is your plan already a SIPP and they advise you to move it offshore? Or you have to move it to a SIPP in order to move it offshore?

The link below highlights the risks etc of transferring to an offshore plan but I have found nothing so far about taking out loans against it. It makes more sense to have a loan against the SIPP rather than the offshore plan?

http://www.timesonline.co.uk/tol/money/pensions/article6990717.ece

rabbitmumu

RichandJ wrote: »

Ah, so it's not Loughton Monkey's proposed site for [STRIKE]fleecing[/STRIKE] educating individuals about when they can take benefits then.

:T :rotfl:

butcherjb

Thanks Linton - think I will be steering clear then -

rabbitmumu - probably didn't explain very well - yes it is a loan against the SIPP - i moved it on cashinmypension's advice - was about to contact them - or er Terry from Zimbabwe when I thought I better ask around.

Still have no idea though how I could borrow against this SIPP as I need the cah now.

Any ideas?

Linton

Although Butcherjb is investigating other options, I see that investors have been warned about cashinyourpension by the FSA: http://www.fsa.gov.uk/pages/Doing/Regulated/Law/pdf/cash_in_your_pension_090520.pdf

rabbitmumu

Don't quote me on this as I know nothing. But I have only heard about using SIPP to secure purchasing properties (but more like on the business side rather than for an individuals)..

so I am very suspicious as to how you can actually take cash..... especially your fund is so small compared to those billionaires as they have a million ways to go through the loopholes...

A pure guess (i can be completely wrong) .. they use your SIPP to secure against a bank loan for a property (under their business name of course, not yours), then they give you some cash in return. Basically it's like they "borrow" your SIPP in order to buy their properties. I don't know how it actually works but I suspect the SIPP will no longer be under your name if you follow their advice.

edit: And if it's still under your name, and their property investment portfolio went wrong, your SIPP would be in "trouble" (?)

And you can't trace them once that's done because of obvious reasons.

if they don't explain this, or you need to pay them before they explain anything, just RUN !! We would be interested to know how/ what they would tell you. Please keep us posted.

PS - if HMRC ever found out, your cash could be subject to 55% tax coz' it's an unauthorised payment? (others, correct me if I am wrong)

Loughton_Monkey

RichandJ wrote: »

Ah, so it's not Loughton Monkey's proposed site for [STRIKE]fleecing[/STRIKE] educating individuals about when they can take benefits then.

I can confirm that this is not my doing!

Arguably, my scheme might still have been 'legal' which is, I suspect, more than one can speculate about this one!

But their website name is 'spot on' and will attract a lot of [Strike]Mugs[/Strike] interested viewers. How long, I wonder, before the first post on the subject of "I had a SIPP and was persuaded to.... Spanish Property.... scammed... how can I get my money back?...."