Savers have handed around £400 million of their pension assets to illegal liberation schemes since 2008, according to The Pensions Regulator (TPR).
Speaking on BBC Radio 4’s Money Box programme, TPR chief executive Bill Galvin (pictured) said challenging economic conditions were tempting those under 55 to access their pensions using the schemes.
‘We have shut down over the last 18 months a number of vehicles which have been used for “pension liberation” schemes, we have installed independent trustees,’ he said.
He added that TPR would support legitimate schemes which had suspicions assets were being transferred away from them to liberation schemes.
‘There are circumstances in which we will support them in a decision to delay or not to transfer monies where they have certain suspicions,’ he said.
New Model Adviser® revealed last week TPR was planning a campaign against liberation schemes, dubbed ‘Predators stalk your pension’.