Beware the 'pension liberators'

With incomes under pressure, it may seem tempting to get your hands on the cash in your pension fund early. But it is a temptation best resisted. Here's why.

There are a lot of nasty people hanging around the fringes of the financial services industry looking for bits and bobs of your money to help themselves to. One of the worst of this gang at the moment are the pension liberators.

These companies promise to give you the chance to get your hands on 50% of the value of the cash in your pension fund before you hit the magic age of 55. That's tempting stuff these days (what with real wages falling and unemployment still high). However, it is generally a temptation that should be resisted.

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Merryn Somerset Webb

Merryn Somerset Webb started her career in Tokyo at public broadcaster NHK before becoming a Japanese equity broker at what was then Warburgs. She went on to work at SBC and UBS without moving from her desk in Kamiyacho (it was the age of mergers).

After five years in Japan she returned to work in the UK at Paribas. This soon became BNP Paribas. Again, no desk move was required. On leaving the City, Merryn helped The Week magazine with its City pages before becoming the launch editor of MoneyWeek in 2000 and taking on columns first in the Sunday Times and then in 2009 in the Financial Times

Twenty years on, MoneyWeek is the best-selling financial magazine in the UK. Merryn was its Editor in Chief until 2022. She is now a senior columnist at Bloomberg and host of the Merryn Talks Money podcast -  but still writes for Moneyweek monthly. 

Merryn is also is a non executive director of two investment trusts – BlackRock Throgmorton, and the Murray Income Investment Trust.