I've been looking into this private pension scam, scam? Yes that's exactly what it is and here's why:
The Private Pension Corporations are creaming off a profit of over 20% of your money, that's more than the rip off Energy companies are scamming from you on your Gas and Electric bills and don't forget the Profit statistics are net! In other words after the bosses of these organisations have taken out their 6 figure salaries and perks.
Do you realise that when you reach pensionable age that unless your pension total value is over £100K the measly annuity you will receive means that you will have to live to be one hundred years old before you receive any monies above the amount that you have contributed into the fund.
The Pension companies are making a lot of money out of your so-called investment in your future, while you scrimp around and decide whether to heat or eat, they are living 'the good life'.
They will tell you that you cannot get your hands on your money but this is not so, what they really mean is that they don't want you to because that would mean that their profits and inflated salaries would be adversely affected.
They will try to put you off the idea by telling you that the Inland Revenue will take a up to 50% in tax if you go with a Pension Liberation Scheme this is also a misdemeanour, you are under no obligation to inform the Inland Revenue if you decide to legally free up to 50% of the total value of your pension as a lump sum cash payment and if you are presently unemployed or in receipt of state benefits it is classed as un-taxable income and therefore not taxable. If you sell your car for a few thousand you are not required to inform the Inland Revenue because it’s your money, your asset that you bought from your taxable income, in other words you have already been taxed on it. Well it's the same if you decide to cash up to 50% of your pension contributions.
Another thing that they don't tell you is that when you retire the annuity from your Private Pension will have a detrimental effect on your state pension and any other benefits that you may be entitled to.
The truth of the matter is that it's a scam, we were all told in the 1980's and 1990's that we must take a Private Pension out for our future welfare, they pushed the point home that we would be really well off if we took this course of action when in actual fact this was a lie. It was a way of them getting rich off the backs of the working people who keep them in champagne and fast cars. Don't be taken in by this government backed nonsense, it's your money.
- John Hardon
If you are interested in converting upto 50% of your Private Pension into a cash lump sum the remainder being re-invested in a S.A.S. (Self Administered Scheme) please click HERE
