Multi-million pound pension liberation stopped
28 November 2014
The Pensions Regulator has taken legal action to put a stop to five connected pension liberation schemes in which over 1,400 pension members had transferred more than £134m of their pension funds.
Their report includes details of how the arrangements were presented to members.
The schemes sought to allow members to access their pension funds as cash through a supposed legal loophole. The marketing material for these schemes claimed the funds could be surrendered and then 'lent' to the member via a company under the member's control, so that the member could then use the money as they wished.However in May 2014, the High Court ruled that this alleged gap in the law did not exist.