Done Out Of Your Pension?
HMRC have advised that from April 2015, people over the age of 55 will be given the flexibility of taking a number of smaller lump sum pension pots. 25% of the sum will be tax-free, with the remaining pension fund charged at marginal rate of income tax.
If you take out money from your pension fund before the age of 55, the normal tax rules apply. We are concerned that fraudsters will take advantage of these rule changes by offering to invest pensions on the victim's behalf. Be very wary of such offers.
Avoid losing your hard-earned cash:
Do not invest with companies which cold call you, offering extremely high returns. If it sounds too good to be true, it probably is.
Seek financial advice from the Citizens Advice Bureau, who work alongside the Treasury delivering the 'Pension Wise' service. Further information can be found here.
If you wish to invest your savings in a company, please ensure you seek advice from an FCA registered and authorised advisor
Be aware of callers offering a free pension review service by phone call, email and text message and do not invest in unregulated markets such as overseas property developments, storage units or forestry.
editor's pickAlso in the news
Schedule of Proposed Main Modifications to the Cheshire East Local Plan Strategy: Formal Consultation Period 06 Feb 2017 to 5:00pm on 20 March 2017 Having considered the issues raised through the examination process, the Inspector issued...
The Tour of Britain came to Chelford this afternoon as the riders sped down Kenny Trott Road. Lots of people turned out for the event and the station platforms were well used as spectators took the train home. Britain's Ian Stannard won...
Well, the franchise has changed and confusion reigns about how volunteer groups will work with the new franchise holder. Sadly, the confusion means that we no longer have the excellent services of our Station Adopter, David Stannard. However...