pension 'liberation' companies

xylophone

ok with hmrc

Have you checked with HMRC?

jem16

spartan69 wrote: »

I have contacted and spoke to them and was assured 100 percent that everything they do is legal and ok with hmrc and would not result in a huge tax bill

As before - why do you expect anyone who is out to scam you to tell you the truth?

As you have no intention of listening to anyone on here, just go ahead.

Either that or phone up HMRC yourself.

There is no legal way to do waht you are suggesting.

RichandJ

Is there a flogging a dead horse smiley anywhere ?

somethingcorporate

I am not sure what you are after but there are currently no legitimate ways of taking money out of your pension without putting it at massive risk.

I caveat this with unless you are shortly going to die.

It's not a savings account to be raided, it is there for your retirement.

jem16

spartan69 wrote: »

If I can LEGALLY get at any of my pension fund through such a 'loophole',

There is no legal loophole.

http://www.moneymarketing.co.uk/pensions/high-court-rules-unlocking-schemes-contravene-pensions-law/1043412.article

then yes...its my money so why shouldnt i be allowed access to it now

It's not your money now though. Once you put the money into a pension it is in trust for you until retirement age. Unless you have a terminal illness that is age 55.

As far as tax goes...I would have no problem paying 55% of the money i released to HMRC if that was what I had to do legally

As has been said before, that is only the start. Add to that the fines for doing something illegal and having to pay the money back into the pension, you stand to lose a lot more.

spartan69 wrote: »

if anyone has any factual information rather than their own opinions or repetitions of what has been said in previous posts.

You have been given factual information but you don't seem to want to believe it.

tell_it_how_it_is

Spartan, assuming you are fit and well, and not in danger of croaking it, you CANNOT LEGALLY GET AT PENSION MONEY BEFORE YOU TURN 55 - it is a simple as.

Everyone who has contributed so far is simply trying to save you time, money and heartache. Seriously, do yourself a really big favour and let it drop.

jem16

RichandJ wrote: »

Is there a flogging a dead horse smiley anywhere ?

Will this do?

dunstonh

How many times do people have to be told.

http://www.thepensionsregulator.gov.uk/press/pn12-05.aspx

By accessing pension savings earlier than the law permits, individuals are likely to be poorer in retirement – and can face substantial tax charges.

Jonathan Phelan, head of the FSA's unauthorised business department, said:

“Like The Pensions Regulator and HM Revenue and Customs, the FSA has seen an increase in firms offering "early pension release schemes" often referring to them as unlocking, liberating or releasing funds tax free. There is a high chance that these are scams run by illegitimate firms trying to con individuals out of their pension money.

Graeme Hood, head of HMRC’s pension schemes office, said:

“Tax relief given on pension saving is intended to encourage individuals to save for the long-term to provide them with an income in retirement. That is why UK tax rules set a minimum age from which benefits from pension savings can normally be accessed.

“HMRC is committed to ensuring that the rules around the age from which benefits can be taken from pension funds are protected and that savings built up with the benefit of generous tax reliefs are not misused. We will take firm action to detect and pursue those who deliberately break the rules by offering schemes to access pension savings other than as intended by Parliament.”


How about this from Crimestoppers:
http://www.crimestoppers-uk.org/fraud/types-of-fraud/common-scams/pension-liberation-scams

Pension liberation is offered usually through fake offshore companies that will say that they can use a “legal loophole” to release funds, when in fact there is no legal loophole.

dunstonh

I still invite comments directly related to the company Hesketh Boyd Finance Ltd if anyone has any factual information rather than their own opinions or repetitions of what has been said in previous posts.

They do not appear on the FSA register.

ElizabethW_2

hello I'm new to this forum. I approached one of these companies as I have two frozen pensions (I'm 50 years old) - and I wanted to find out about releasing these funds, I am assuming by reading the threads that these companies cannot get your pension for you and if they can do they actually hand over the money to you? I am assuming this is fraud - despite the company saying it's all legal?

grateful for any advice.