All pension schemes are governed by regulations about when and how you can have your pension benefits paid. These regulations are in place to safeguard your benefits ready for your retirement.
Regulations within the Local Government Pension Scheme (LGPS), allow you to take voluntary retirement from age 55. However, if you become too ill to work your pension may be paid earlier – this will need to be agreed by the Fund’s Independent Registered Medical Practitioner.
Don’t let a scammer enjoy your retirement!
If you are approached by a company who claim they can get your pension paid earlier – you need to very careful, as they could be scammers. Don’t be fooled by their claims that they can help you draw your pension early because of a legal loophole, as this is NOT the case.
If you decide to transfer your benefits from the LGPS to one of these schemes, please check all the fees and charges that may be payable from your pension pot. There could also be a heavy tax charge to pay, as your pension benefits are being paid earlier than they should. As a result, you may lose most or even all of your pension pot! So don’t get caught by this pension scam!
Always consider seeking Independent Financial Advice before making any decision to transfer your benefits from the Local Government Pension Scheme.
For more information please visit The Pension Regulator .
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