TUC urges scheme members to avoid early release pension offers

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date: 24 February 2012

embargo: 00.01hrs Monday 27 February 2012

Commenting today (Monday) on the advice of the Pension Regulator, Financial Services Authority and HMRC to steer clear of early release pension offers, TUC General Secretary Brendan Barber said:

'Just as dodgy loan deals have been put firmly in the spotlight, the Pensions Regulator is absolutely right to warn against pension sharks too.

'With real wages falling and personal finances stretched it's understandable that some people might be tempted to trade their pension for short-term cash.

'But anyone under the age of 55 who transfers their pension into a loan could end up a big loser. Our best advice is to avoid doing so.'

NOTES TO EDITORS:

- Further information about early release pension offers is available at http://www.thepensionsregulator.gov.uk/regulate-and-enforce/pension-liberation.aspx

- All TUC press releases can be found at www.tuc.org.uk

Contacts:

Media enquiries:
Liz Chinchen T: 020 7467 1248 M: 07778 158175 E: media@tuc.org.uk
Rob Holdsworth T: 020 7467 1372 M: 07717 531150 E: rholdsworth@tuc.org.uk
Elly Gibson T: 020 7467 1337 M: 07900 910624 E: egibson@tuc.org.uk

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