It has come to my attention that advertisements have appeared over the last few days from a UK based company which is suggesting that you can access up to 50% of your Pension monies early (prior to retirement age). The Pension legislation in this country is very clear on this issue and there is no facility available to allow people to do this.
The company in question is operating from the UK and a mechanism that they are attempting to use, for people to access their Pension monies, is through the transfer of Pension funds to the UK and setting up a Small Self-Administer Scheme (SSAS). Half of the Pension monies are then returned to the client in the form of a loan which must be repaid over 5 years.
This type of structure is illegal under Irish Pension legislation and in fact, both the Revenue and Pensions Ombudsman are investigating these operators as a matter of urgency.
We strongly recommend that people with Personal Pension Plans do not have any dealings with these operators.