If you are approached by a firm offering to release, unlock or transfer cash tax-free from your pension before you retire there is a high chance that it is a scam trying to con you out of your money by charging up to 40% administration fees.
Further, if you withdraw money out of your personal pension plan before the age of 55, it will be considered an unauthorised payment by HMRC and will be subject to tax charges of 40% on the value of the payment plus an additional 15% if the payment exceeds a quarter of the value of the fund.
On top of that, if you fail to inform HMRC, you could be charged additional penalty fees.
Click on the following links for more information and advice on how to spot a Pension Scam:
A downloadable guide "Avoiding Scams" is available from Age.uk.org.
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