Cash for transferring my pension

lctcb

jem16 wrote: »

It is definitely illegal as others have said.

Have you actually checked the FSA register or are you just accepting their word on it?

No this only happened a few hours ago and I aw awaiting the paperwork.

I was given one name Prime Business Limited if this throws any light on the matter?

Has anyone had any dealings with them? Is it 100% a scam?

jem16

lctcb wrote: »

Is it 100% a scam?

Yes, yes and yes.

They are introducers promising you the earth. As I said - read BobQ's link.

Why do you want to transfer your pension anyway?

jem16

Stephen_Nicholas wrote: »

These schemes are all HMRC disclosed but obviously not approved.

Then why would someone want to risk their retirement for something not approved.

In short they work and are not illegal, just frowned upon.

Accessing a pension before age 55 is illegal and subject to 55% tax for unauthorised access.

Fact is that pensions offer a poor return at present with a large 100k pension pot only getting you an average annuity payout if £98 per week. You can of course take a tax free lump of 25% at 55 but that's as good as it gets!

Rubbish! You don't even need to use an annuity.

I will happily make people aware of the current schemes available to pension holders which offer both better investment control and indeed 'cashing in' your pension pot. Feel free to call me Stephen XXXXXX

No thank you. Why would anyone want to use the services of someone who comes onto a forum to spam.

Anyone that wants a pension review should see a proper IFA of their own choosing.

Post reported for spam.

lctcb

jem16 wrote: »

Yes, yes and yes.

They are introducers promising you the earth. As I said - read BobQ's link.

Why do you want to transfer your pension anyway?

Reason for looking at this and other schemes is that I could do with a lump sum right now and thought my pension pot might be applicable.

Yes read BobQ's link and alarm bells are ringing...

As I mentioned i'm well aware that their are a multitude of scams but the fact that I was guranteed the pension staying in the UK and that an fsa advisor would handle the deal gave me the possibility that this might not be a scam.

Unfortunately from what most of you guys are saying it seems it is....

jem16

lctcb wrote: »

Reason for looking at this and other schemes is that I could do with a lump sum right now and thought my pension pot might be applicable.

There is no legal way to access your pension pot unless you are age 55 or over.

nearlyrich

If you spend your pension now what are you going to do when you are older?

Stephen_Nicholas

jem16 wrote: »

Then why would someone want to risk their retirement for something not approved.

The same reason MP's choose to use tax avoidance schemes - to benefit themselves!


Accessing a pension before age 55 is illegal and subject to 55% tax for unauthorised access.
Yes, this is true but legal loopholes are found around these rules just like stamp duty and corp tax rules.



Rubbish! You don't even need to use an annuity.
No, you can draw down and get that 55% tax charge (unless you have a SSAS or similar)


No thank you. Why would anyone want to use the services of someone who comes onto a forum to spam.
Just making people aware of facts and options not giving advice or any kind of paid service?

Anyone that wants a pension review should see a proper IFA of their own choosing.
True, preferably FSA registered.

Post reported for spam.

Gosh you seem very hostile for a open debate

lctcb

nearlyrich wrote: »

If you spend your pension now what are you going to do when you are older?

If by the time I retire I am relying on the small amount that this pension will pay me then I will really be in trouble....

I have other areas of revenue for the future but it's just at this moment that a lump sum would help.

Sometimes today's problems are the ones that take precedence?

jem16

Stephen_Nicholas wrote: »

Gosh you seem very hostile for a open debate

Advertising your own business is against forum rules. If you think that's hostile then so be it.

Stephen_Nicholas

jem16 wrote: »

Advertising your own business is against forum rules. If you think that's hostile then so be it.

I wasn't advertising business, I don't give paid advice on this issue. I just know the facts about pension options available. This sites about saving money. Well saving tax and poor returns is still saving money.