Pension
Planning
November 2013
Issue 45
with the Local Government Pension Scheme
Beware of Pension
Liberation Fraud
Fraud is a word you never want to associate with your
pension benefits. However, an activity known as Pension
Liberation Fraud is increasing across the UK. Pension
scheme members are being approached by unscrupulous
companies with the promise of instant cash sums and/or
early access to their pension if they transfer their pension
savings to them.
Welcome
... to your Pension Planning
newsletter. Here is a list of the
articles that you can find in this
issue....
Page 2
• Autumn Alert
• Competition Winner
Page 3
• Customer Service
Excellence Review
• New Office for District Staff
• Review of 2012/2013
240
0
220
0
Introduction
200
0
180
2,203
0
2,190
160
0
2,175
140
0
2,161
120
0
2,146
100
0
Pages 4 - 5
• Review of 2012/2013
1,184
800
600
400
200
0
1,253
1,305
533
466
200
9 2
1,355
526
1,393
511
411
010
20
488
359
11 2
8
012
461
31
Membership/Customer
Service/Fund Statistics
29
20 2
13
Pages 6 - 7
• Investment Report 2012/2013
Introduction/10 Year Annualised
Figures/Fund Account 20122013/Fund Performance/
Asset Allocation
UK Equities
16.3%
Corporate
Bonds 13.8%
Page 8
• We Are Here to Help
• Pension Puzzler
Index-Linked
Gilts 36.4%
It is not illegal to transfer pension pots to other approved pension
arrangements, but taking money out of those pots and before age 55
may be in breach of HMRC Regulations resulting in severe tax penalties.
Some companies intentionally withhold information about these penalties
and deliberately try to mislead people. This is illegal! They don’t tell
people that they will take an administration
fee, which is usually a very high amount,
therefore reducing the amount available to
provide a pension income. Additionally,
and most importantly, people may be
faced with a hefty tax charge of up to
40% of the amount being taken out
early. The end result can be that more
than half the pension pot has
been swallowed up in
fees and taxes leaving
a lot less pension for
retirement.
International
Equities
26.8%
continues on page 2 >>