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Beware of Pension Advance Pitfalls, Warn Officials

According to the Consumer Financial Protection Bureau and various media reports, consumers should be wary of pension advances (also called pension loans and pension advance funding).  Some of the questions that officials suggest asking, before entering into such transactions, include the following:

  • What are the costs?
  • Does the consumer have to buy life insurance?
  • Can the consumer cancel the transaction?
  • Have complaints been made about the company offering the transaction?
  • Is the company seeking to control the consumer’s benefits?

Some of the 2015 news articles and opinion pieces describing such advice are available herehere, and here.