Pension scammers – Are you at risk? With the financial news often focussing on pensions and changes to government legislations, it’s easy to see how confusing it can be for some to understand what they should be doing with their pension pot.
Pension scammers are playing on this and there are a number of tips you can share to protect yourself and your loved ones. Just remember, if it doesn’t seem right, it probably isn’t. If in doubt give us a call.
What should you be aware of?
Cold Calling and unsolicited emails. Not all of these will be pension scammers –but it is worth taking down all the details and doing your own research. Scammers will often add government backed scheme logos to their literature. It’s very simple to do and then once they have your money, they will disappear.
Some pension scammers will simply pose as your very own Independent Financial Advisor. They will claim to be calling from the office and may well set up a similar email address to correspond with you. Make sure you are dealing with the right person. Call your Financial Adviser and check. Your Financial Adviser will be registered with the FCA, which provides them and you with protection. If the person you are liaising with is unable to provide you with a number that you can check, alarm bells should ring. Check them out at www.fca.org.uk/register
An Independent Financial Advisor would normally recommend spreading your investments depending on your risk level. If someone recommends that you put all your money into one investment, such as an overseas one, again this should be cause for concern. These types of scams will play on glossy brochures and the need to rush into the investment. A real Independent Financial Advisor would never recommend putting your hard earned pensions saving into a one off investment plan, in fact many would encourage you to do the opposite. They also would not rush you into anything that you weren’t sure of. Here at IEP Financial our service is built on trust and getting to know our clients. Getting to know you takes time, so again, if you feel rushed into something, take a step back and insist on asking more questions.
Another site to look at is www.fca.org.uk/scamsmart where you will find a list of known scams. This will put you one step ahead of the scammers.
If you are in any doubt whatsoever and would like advice on your pension, please do give us a call on 01273 208813 or email [email protected]
This article was originally published on Thursday, March 24, 2016 – 11:29
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IEP Financial is authorised and regulated by the Financial Conduct Authority (FCA)
