Harris & Co Accountants In Northampton Report Warnings Of ‘Pension Liberation’
The ICAEW have issued a warning that individuals are being approached by firms offering to help them ‘unlock’ their pensions or access them early. Harris & Co chartered accountants Northampton report that misleading information is being used by some dishonest firms to persuade savers to cash in their pensions early. This unlocking is known as pension ‘liberation’.
The ICAEW have warned that taxpayers who attempt to access their pensions early will find that some or all of their hard earned pension savings may be at stake. In most circumstances pension savings cannot be accessed before the age of 55, and those opting for pension ‘liberation’ will generally be liable to pay a tax bill of more than half of their pension savings. They could be required to pay further tax penalties as well. On top of this, significant charges are also often imposed by the provider, sometimes up to 20%. The ICAEW website provides details of the potential tax liabilities and charges, as well as a link to report firms promoting pension ‘liberation’.
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If you would like more information and advice in this area, get in touch with one of our chartered accountants in Northampton at Harris & Co and speak to one of our specialist small business accountants.
For more information about accountancy services from Harris & Co chartered accountants in Northampton, please email email@example.com or phone 01604 660661.