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Beware Of The Pension Release Scams

By Author: Salvatore Andrea
Total Articles: 6261

There are several old age benefits that you enjoy when you retire from a company or organization. It becomes the prime motive of these companies to provide you with monthly lump sum pension amounts to help you enjoy your old age with dignity and independence. But in certain cases when you feel helpless you need to opt for Pension release to fulfill the obligations. Raising cash from pension funds which you have not yet drawn could sound advantageous but also has some demerits attached to it in the form of heavy taxes. Hence you should be very careful while making any such choice as it concerns your hard earned savings.

In order to avail the benefits of cash funds against pension you need to be over 55 years of age. You must also have pension benefits other than the state pension and should not have received any of your pension release!amounts yet. Moreover these benefits shouldn’t relate to your current employer. Releasing your pension to obtain early benefits might not be a wise idea as it restricts you from enjoying the valuable guaranteed benefits in a long run. It would be better to consider other options before you finally decide to choose selling your pension for cash. You can even seek expert advice that can help you clear out all the facts related to the release option. However the options may still vary depending upon the individual circumstances as it’s you who would be making a final decision. You have to be extremely cautious while handling such issues due to an increased number of scams.

Pension unlocking might sound convenient and lucrative when it comes to scams and frauds. There are many companies which might provide you loans or promise for tax-free cash release from pension funds but you need to be careful and aware as this might be meant for duping the clients and holding their money thereby preventing them from availing the long term pension benefits. Transferring your pension to one of these questionable investment models could result in you losing your entire pension. Immediate financial gains might appear to be tempting but you need to think and act intelligently to keep enjoying a secured and tension free future.

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