This is not such a common myth nowadays but in the early days of QROPS there were many advisors going around the world ‘pension busting’ and either helping people to access their pension sooner by either transferring to a jurisdiction that allowed access from a younger age or by allowing the client to take out a ‘loan’ from their own pension.
HMRC are now much stricter on recognising QROPS and simply won’t allow any scheme to be included on its recognised list if it allows access earlier than age 55. Taking benefits before 55 is deemed to be an unauthorised payment and taxable at 55%.
So, if anyone tells you they can help you access your pension sooner then walk away!