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Look out for scams
KEY POINTS
- Codes of practice and information from The Pensions Regulator.
- Classic hallmarks of a pensions scam.
- Ask client a few basic questions about pension release opportunities.
- Individual’s right to transfer from a scheme and the trustee’s role to act in the member’s best interest.
- Tax charges apply to unauthorised payments.
The financial crisis led to the UK’s economy being marked by a lengthy period of low interest rates and low inflation. These had an inadvertent effect on most companies with defined benefit (DB) pension schemes; many suffered a significant worsening in their funding as a result of low interest rates with little prospect of any change in the medium term. Consequently corporate advisers focused on liabilities that were contributing most to these deficits to consider where anything could be...
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