May 2015 – Protect Your Pension from Scammers

Losing your pension fund is a major financial disaster for anyone – that’s why our Director and Chartered Financial Planner Kevin Edwards is supporting Derbyshire’s new police-backed campaign against pension fraud.

The campaign is being organised by Derbyshire Constabulary and Get Safe Online to raise awareness of pension fraudsters.  These criminals contact their victims by either phone, text or email and, often using aggressive sales tactics, try to persuade them to take out pensions with eye-wateringly attractive deals.

But, says Kevin, things that seem too good to be true usually are.  He says: "The main thing to remember if you’re called up by someone you’ve never heard of, who is claiming to be from a reputable firm, is to never give any financial or personal details over the phone.  "Your pension is one of your most valuable assets and needs to be protected at all costs.

"Always check the credentials of any so-called company who gets in touch with you, and always seek professional, unbiased, independent advice.” To be on the lookout for pension scammers, signs to look out for include calls, emails or texts claiming to be from the Government which offer retirement planning advice. Also, beware of advisors offering upfront cash incentives and check out any firms who get in touch – they should be registered with the Financial Conduct Authority (FCA). 

Advice from The Pensions Regulator (TPR) on how to avoid being targeted includes:-

-  Ask for a statement showing how your pension will be paid at retirement and who will look after your money until then.

- Speak to an advisor not associated with the deal you’ve been offered.

- Never be rushed into agreeing to a pension transfer. For more information, there’s a dedicated webpage at www.derbyshire.police.uk/stampoutfraud.

If you have lost money to pension fraud report it to Action Fraud by calling 0300 123 2040 or visit www.actionfraud.police.uk.

If you have been cold called and suspect it was a scam report it to the Financial Conduct Authority (FCA) online at www.fca.org.uk/consumers/scams/report-scam/investment-scams-form or by contacting their Consumer Helpline on 0800 111 6768.


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