Pension scamming is a sophisticated crime that can be difficult to spot. Pension scammers generally appear to be highly knowledgeable and usually come armed with materials and information that appears to be entirely credible. The result is often that an unsuspecting victim puts their trust and their pension pot into the wrong hands, sometimes with devastating effect.
While it is extremely easy to be duped by these criminals, it is often possible to identify scammers by some tell-tale features. The purpose of this blog is to help raise awareness and to share guidance on key factors you should know on how to be scam-smart when discussing your pension.
The following are the key scam tactics you should be aware of when discussing your pension pot with external sources:
If you are randomly contacted about your pension, there is a high chance that this might be a scam. Beware of any free advice or reviews being offered from an unknown company. Don’t let yourself be one of the small 5% that accept a pension scam offer.
Take time to research and know who you are talking to. First, use the Financial Services Register (www.register.fca.org.uk) to complete your verifications before continuing with any decisions.
A certified professional will never require you to rush and make your choice then and there. Resist persuasive arguments and promises to force you into a life changing decision you may regret.
Financial advisors work in your best interest to ensure the correct decision is made for you and your lifetime. However, make sure you research and invest in a regulated advisor.
Should you suspect a scam, report it. Get in contact with the Financial Conduct Authority or Action Fraud (links below) and let’s help to stop scammers together.
If you have any questions, please call us on 020 7112 8300 or email us on info@assureuk.co.uk.