sm130 - Flipbook - Page 7
Retirement
Promises of huge or guaranteed returns with little or
no risk are a major red flag. Scammers may promote
overseas property, technology ventures or other
investments that appear highly profitable but may be
unregulated or simply not exist.
P
ension scams are becoming
or other investments that appear highly profitable
increasingly sophisticated, with
but may be unregulated or simply not exist.
fraudsters often posing as legitimate
advisers, investment experts or
High-pressure tactics should also prompt you to
It can also be worth contacting your existing
pension provider directly before taking any action.
They may be able to confirm whether an approach
pause. If someone says an opportunity is available
or proposed transfer is genuine and explain your
representatives of genuine organisations. They
for a limited time or urges you to transfer your
current pension arrangements. If you have any
may know personal details about you, making their
pension immediately, take a step back. Don't allow
doubts, pause the process until you are satisfied
approach seem convincing, while their real aim is to
yourself to be rushed into a decision that could
that the person or firm involved is legitimate. t
persuade you to hand over information or transfer
affect your financial security for decades.
your pension savings.
Check who you are dealing with
Protect your pension
with confidence
Be wary of unexpected approaches
Before dealing with anyone about your pension,
Pension cold calling is subject to strict rules in the
check that they are authorised by the Financial
Pension decisions you make will have
UK. If someone unexpectedly contacts you about
Conduct Authority (FCA) and have permission to
long-term consequences, so taking time to
your pension, the safest approach is to end the
provide the service on offer. The FCA's Financial
understand your options can help you avoid
conversation and contact your existing pension
Services Register can help you verify a firm's details
costly mistakes and safeguard your retire-
provider using verified details. Unexpected emails,
and permissions.
ment savings.
texts and investment offers should also be treated
Don't rely solely on information provided by
If you are considering transferring your
the person who contacted you. Scammers can
pension or would like more information about
Be especially wary of anyone offering a ‘free
impersonate genuine firms, so use contact details from
your retirement savings, please contact us to
pension review’. Fraudsters may use these offers
official sources rather than telephone numbers, links or
discuss your options.
to identify potential targets and then recommend
websites provided during an unsolicited approach.
with caution.
transferring pension savings into unusual, high-risk
or fraudulent investments. A genuine adviser should
Think before transferring
give you time to consider your options rather than
If you are considering changing your pension
does not constitute tax, legal or financial advice.
pressuring you into an immediate decision.
arrangements, professional financial advice is
A pension is a long-term investment not normally
This article is for informational purposes only and
essential to help you understand your options
accessible until age 55 (57 from April 2028 unless
Know the warning signs
and the associated risks. Take time to consider
the plan has a protected pension age). The value of
Promises of huge or guaranteed returns with little
any recommendation carefully, and never feel
your investments (and any income from them) can go
or no risk are a major red flag. Scammers may
obliged to proceed simply because someone has
down as down, which would affect the level of pension
promote overseas property, technology ventures
contacted you.
benefits available.
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