Liberating your pension early and accessing it before you are 55 is not unlawful, per se. However, pension liberation without declaration to HMRC is potentially unlawful. The Pension Regulator regulates all pensions in the United Kingdom.
Garrick Law acted for the first defendant in a large-scale, multi-handed pension fraud. Sunpritha Jutlla and Glenda Hair at Garrick Law instructed Harry Hewitt (5 SAH) & Molly Dyas (2 Bedford Row).
What Is Pension Liberation?
Pension liberation is withdrawing from a pension before reaching the age of 55. Save for limited and prescribed circumstances (e.g., terminal illness), if an individual withdraws monies from their pension pot or receives payments connected with the transaction before reaching 55, they will incur a 55-70% tax levy.
If an individual chooses to withdraw from their pension before reaching the age of 55 or receives a payment connected with the transaction, the failure to declare such pension liberation will be unlawful and indeed may amount to a criminal offence.
Pension Liberation Fraud
Pension liberation fraud most commonly occurs when pension benefits are transferred to an unregulated scheme. Pension holders aged under 55 are offered the opportunity to move their pensions into non-regulated investments. Companies that offer these opportunities refer to pension loans and cash incentives in return for a sign-over of the pension benefits.
The Pension Regulator has the authority to prosecute persons deemed to be engaged in pension liberation frauds. Recently, the Pensions Regulator has confirmed that all aspects of a Pension Liberation Fraud didn't need to be determined before a regulatory or criminal investigation is commenced. The outcome is that what was a complex and rare specialism of financial crime prosecution is becoming a more targeted and increasingly charged fraud.
It is, therefore, imperative that if you are being investigated or charged with Pension Liberation allegations, you seek specialist legal advice as soon as practicable. Garrick Law advises that you are guided and supported at all stages by Solicitors and Barristers from the outset of the investigation which could span into years, at charge and trial.
The complexity of the evidence in pension fraud matters, including pension liberation frauds, requires a defence team with experience and skill.
Garrick Law instructed Harry Hewitt (5 SAH) & Molly Dyas (2 Bedford Row)
Require Legal Representation?
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We are experts, here to provide advice, support and legal aid. Contact a member of our team today at +44 (0)203 196 7822 or email us at enquiries@garricklaw.com.
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