Beware the danger to your pension
Have you been ‘approached’ by a company claiming to be able to help you access your Local Government Pension Scheme (LGPS) pension early?
Recently a number of members have called wishing to opt-out of pension saving with the LGPS. In particular they are hoping, having left the Scheme, to transfer their years of pension membership to another ‘arrangement’ for it to be converted into cash and drawn before retirement.
This is known as ‘pension liberation’ and is the latest financial ‘scam’ which is on the increase in the U.K. and is threatening the pension scheme benefits, not only those payable to members on retirement, but to dependants on death in service. You can read more about the precautions you can take to avoid becoming a victim here.