article_snippet: One message said: 'As you have over 10k in your pension, your pension has lost £3,219.43 over the last few years, to get back & find out your payout reply REVIEW.'
article_snippet: Legally, your original pension provider – usually an insurer – can only agree to transfer the money on the condition the money will go straight to another registered pension plan.
article_snippet: And once your funds are released from your insurer and into a new account – often overseas and outside UK jurisdiction or the arm of the regulator – then your chances of ever seeing the cash again will vanish.
article_snippet: As well as the hefty fee, HMRC will then slap you with a tax charge of up to 55 per cent because you've taken out an 'unauthorised payment' from your pension.
article_snippet: If you think a company is trying to get you to liberate your pension, report a company to Action Fraud or call a company on 0300 123 2040.