Company Pension and SIPP

joethedog

Hi,

I have seen all the websites advertising "cash for my pension ".
and I need to raise some capital .After a filling in a few details on a website I was contacted by I P Services and I gave them these details.My company pension value is £19,061 and a dormant pension at £4,000.They said they need the Transfer value which I did not have,but they could offer me £1,600 up front and would recommend a new pension provider (after completing a SIPP application ).The new provider would charge £205 and management fee of £495 plus vat taken annually.
Does anyone have any views on this or has anyone done anything similar ?
I have read a few reviews and comments relating to companies offering these services and it seems that nothing can be taken or done with your pension until your age 55 plus.

Appreciate any replies

Thanks

ermine

STOP right there. And read this link from here.

If you're lucky you'll only get to pay 55% tax on what you get. If you're unlucky it could be even worse. Just don't do it. Things that look too good to be true usually are.

dunstonh

I have seen all the websites advertising "cash for my pension ".

You mean unregulated scam websites....

Does anyone have any views on this or has anyone done anything similar ?

Apart from the High court ruling them illegal and HMRC lining up a nice 55% tax on those that do it as well as requiring them to put the money back.