The normal minimum pension age is the youngest age at which a member of a registered pension scheme can ordinarily expect to take their benefits unless special circumstances apply, for example where a member is in ill health. The current Normal Pension Age is 55. After reaching that age, there are options on how to access your pension. But since the website claims Melanie can take cash out of her pension before age 55, she should heed the warning signs. If she went ahead, she might not only lose her pension to a scammer but could also owe a significant amount in taxes to HMRC because she withdrew her money too early.
Melanie should always check the Financial Services Register to find out whether a company is FCA authorised. Sometimes fraudsters will claim to be FCA authorised so she needs to ensure that the firm’s reference number and contact details on the FCA Register match the details provided by the company. If there are no contact details on the FCA Register or if the firm claims they’re out of date, she should call the FCA’s Consumer Helpline on 0800 111 6768 to check that the firm is authorised. She should consider taking financial advice from a regulated financial adviser before she makes any decisions on what to do with her pension savings. Melanie can visit MoneyHelper, an independent and impartial organisation backed by the government to help people make financial decisions, for information on investing and how to find a financial adviser.