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Pension Scams in the New World

JUN 16, 2015

Clients should look out for the following scam indicators

• Unsolicited approaches by phone or text message, or even door-to-door;

• Sales advisers advocating 'early pension release', 'pension unlocking' , 'pension loans' or 'cashback' on a pension, to enable access to pension funds before age 55;

• References to legal or tax loopholes, overseas investments or creative investment techniques with promises of extra tax savings or high returns;

• Pressure to make a decision and to act quickly, even to the extent of having documents delivered by courier;

• Lack of information on investment risk, scheme and investment charges, and the tax implications of the investment; 

• Limited contact details, perhaps just a website address, mobile number or a PO box address;

• Firms not wanting or allowing the investor to call them back; and 

• A lack of member documentation.

If in doubt contact a local Financial Adviser or contact the FCA on 0800 111 6768