Your support helps us to tell the story
From reproductive rights to climate change to Big Tech, The Independent is on the ground when the story is developing. Whether it's investigating the financials of Elon Musk's pro-Trump PAC or producing our latest documentary, 'The A Word', which shines a light on the American women fighting for reproductive rights, we know how important it is to parse out the facts from the messaging.
At such a critical moment in US history, we need reporters on the ground. Your donation allows us to keep sending journalists to speak to both sides of the story.
The Independent is trusted by Americans across the entire political spectrum. And unlike many other quality news outlets, we choose not to lock Americans out of our reporting and analysis with paywalls. We believe quality journalism should be available to everyone, paid for by those who can afford it.
Your support makes all the difference.What's that, a new political movement?
No, no. It's a scheme under which people can transfer retirement savings to an arrangement that allows them to get at their pension pot before the standard retirement age of 55.
Sounds great. Where do I sign up?
You don't. If anyone approaches you offering you the opportunity to liberate your pension, turn them down flat. It's almost certainly a scam that could cost you half your savings while the scamster will take a fat fee from you.
Can't anyone get their retirement cash early?
Only in very rare cases, such as people who have a terminal illness.
Why is this in the news?
Last week police swooped on a call centre in London, which they claimed was operating fraudulent pension liberation schemes. Several people were arrested in the first crackdown on the schemes.
How do they work?
People are told they can take their pension cash early. Fraudsters don't tell their victims of the tax implications. Effectively anyone taking pension cash early will lose tax benefits, which can add up to 55 per cent of the value of the pot. If you are offered pension liberation, contact Action Fraud on 0300 123 2040.
Join our commenting forum
Join thought-provoking conversations, follow other Independent readers and see their replies
Comments