Ben Rees, a pensions expert from Denehall Wealth Management Ltd, answers the question:-
I am looking to sell my pension funds at the moment (value circa £80k) and would like to know whether this is possible
"The Financial Services Authority have recently teamed up with The Pensions Regulator and HMRC to crack down on schemes and providers who are offering early access to pension funds.
It is illegal to take money out of a pension fund before age 55. This is despite all the information you may find online telling you different through many dubious offers of cash backs, loans and all sorts of offshore schemes, with little attention paid to the pension rules and consequences to you.
You are not able to sell your pension to another person, and the schemes that offer access to your pension early are breaking the law and usually taking staggering commissions to facilitate the 'sale' of the pension.
Thousands of people have fallen prey to these scams because they aren't given the correct information and often lose around half the funds in a pension pot in return for releasing the cash early.
I would urge you to speak to a Chartered Financial Planner or seek support and advice from a qualified debt councillor if you are looking to raise funds for the repayment of debt."
If you have a question for Ben go to the Myfinances.co.uk's Ask the Pensions Expert section
Or for more information on your pension options go to Denehall Wealth Management's site
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