Cash for transferring my pension

yangptangkipperbang

Is this thread Scam or is it Spam ?? Take your pick !

mgdavid

Stephen_Nicholas wrote: »

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.

reported as spam

Aegis

Stephen_Nicholas wrote: »

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.

If you were claiming that it was legal to access a £9,000 lump sum from a £40,000 pension under the age of 55, then you either don't know the facts about pension options available or you do but want to scam people anyway. Pension legislation is specifically written to make it illegal to cash in a pension early for any reasons other than death or terminal illness. Abusing any loopholes available will be considered an aggressive tax evasion scheme and will eventually be attacked by HMRC, with punitive rates of tax applicable to those that break the rules.

Probably around 99% of pension release schemes are scams. Perhaps up to 1% are potentially trying to help, but ultimately I firmly believe they are absolutely wrong.

lvader

Spamtastic thread!

dunstonh

HMRC does now allow a rebate of commission to be paid to the individual. However, commission was banned by the FSA in January 2013. So, any deduction is taken explicitly from the pension. A deduction from the pension and paid to you would be classed as an unauthorised payment as it is not a rebate of commission.

Now, some of the scams invest in some very dodgy investments which are unregulated (the pension may be regulated but the investments within them not). These can have payments on them which can be paid as a form of commission. However, these types of schemes typically fail leaving the investor out of pocket.

You just need to think about this logically for 1 minute.

Does a £9000 commission on a £40,000 pension fund sound realistic? That is 22.5% of the fund value. That is just a ridiculous amount and can only come from the pension fund itself. Plus, the firm doing it is going to want to earn from it as well. You say its £3500. However, chances are they are getting their mits on the other 77.5% to erode that away from you. (plus £3500 is another 8.75%. So, your pension is going to lose 30% of its value on day 1)

Scams play to your greed. Greed clouds judgement.

GhIFA

Hmmmm, newbie joins two days ago, and starts two threads about much the same thing, shortly followed by another newbie telling us that something which is illegal actually isn't and is actually rather good. If it looks like spam, and smells like spam............

mjdh1957

GhIFA wrote: »

Hmmmm, newbie joins two days ago, and starts two threads about much the same thing, shortly followed by another newbie telling us that something which is illegal actually isn't and is actually rather good. If it looks like spam, and smells like spam............

But always fun to read just to see the lengths to which the sharks will go to attract the mug punters....

lctcb

GhIFA wrote: »

Hmmmm, newbie joins two days ago, and starts two threads about much the same thing, shortly followed by another newbie telling us that something which is illegal actually isn't and is actually rather good. If it looks like spam, and smells like spam............

Yes i'm a newbie and yes i've started two threads because I wanted to get advice on my pension pot and if it could be used to get some cash......

I thought this site might be a good place to get some advice and in the main it has been.

I cannot be responsible for those who choose to add to my thread bit like you really!!

somethingcorporate

Have a look at the "can I cash in my pension?" thread.

The answer is no and everyone here is telling you it is 100% a scam, which it obviously is.

atush

lctcb wrote: »

But I am being told that I am not cashing in my pension but just receiving a payment because I am willing to transfer it into a UK reg HMRC SIPP. If it dodgy would my pension provider agree to the transfer? Also if as I have been assured it will be handled by an FSA company would they get involved if it was a scam?

Believe me I am sceptical but some of the above facts seems to give it some substance?

You would be receiving an ILLEGAL payment whi9ch HMRC will charge you a fine for.

This is not legal, it is a scam, and they are lying to you. They are not facts, but lies.