TPAS to appear on The One Show
TPAS is to appear on the One Show on Wednesday 5th February 2014. The program will highlight our work, and the service which we provide to the public. Also, TPAS's Chief Executive, Michelle Cracknell, will be discussing pension liberation.
After the program has aired, we will open our 'webchat' facility from 7 pm to 9 pm so that we can answer any pension-related questions that viewers might have.
Pension liberation plans are products designed to let you release your pension pot before the minimum pension age of 55 or convert your pension benefits mainly or entirely into cash. This is done by transferring your pension benefits away from the arrangement that currently holds them to a new one elsewhere. The new arrangement then makes your pension pot available as a cash payment back to you, either directly, or indirectly via loans which you are notionally required to repay.
If you use a pension liberation plan, you are likely to face significant deductions from the money transferred. These may be variously described as 'commission' or 'arrangement fees'. It is not uncommon that after these deductions have been made for only 70-80% of the original value to be available. Also, you run the very real risk of HMRC imposing significant tax charges on you of up to 55% of the value of your pension, and perhaps other penalties.
Read more about pension liberation on our website.
Pensions do not have to be difficult or confusing. Our mission is to make pensions accessible to everyone, so if there is anything you do not understand, please contact us and we will be pleased to help. To discuss any pension-related issue: