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Members warned about pension unlocking schemes
If you’re thinking about taking money from your pension by unlocking some of your retirement pot early, you should treat any schemes that offer the chance to do so with extreme caution.
Normally, you can only take money from your pension once you are aged 55 or over but the Financial Services Authority (FSA) have issued a warning about pension unlocking schemes that are designed to provide access to pension funds before you reach this age.
These unlocking schemes claim to let you gain access to your money earlier by borrowing from your pension fund. According to the FSA, this works by transferring pension funds to a corporate bond and then arranging a loan to you.
The FSA have warned that these unlocking schemes are unlikely to be your long-term financial interests, and they may have adverse tax consequences. The fees involved may not be clear, and they may be far greater than you were expecting.
Source: Time For Money