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Pension Unlocking ( Reciprocation) Schemes

Pension Unlocking ( Reciprocation) Schemes

Old Dec 17th 2011, 4:16 pm
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Default Pension Unlocking ( Reciprocation) Schemes

A bit of a heads up if anyone is approached by firms, acting outside the UK, offering loans against a UK pension.

http://www.moneymarketing.co.uk/pens...043412.article

The UK courts have determined that this is not legal. Hopefully, no expats have got involved in this but I thought I would post this, just in case.

The judge's decision is summarised here

http://www.dalriadatrustees.co.uk/fi...-judgement.pdf
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Old Feb 28th 2012, 8:40 am
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Default Re: Pension Unlocking ( Reciprocation) Schemes

Things have moved on a bit since this was posted. Over the weekend, The Pensions Regulator in the UK issued a joint warning with The Financial Services Authority and HMRC on releasing cash from pensions, prior to the age of 55. The TUC have also issued similar warnings to protect their members.

http://www.thepensionsregulator.gov....s/pn12-05.aspx

The FSA have issued this warning

http://www.fsa.gov.uk/Pages/consumer...-schemes.shtml

(Whilst this also refers to QROPS, I cannot see whether this relates to QROPS transfers made by wholly UK residents or whether it includes expats.)

I suspect that this may just be a " UK problem", but I thought I would post this nonetheless as this issue was already on this forum. Anyone got any thoughts on this?
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