The FCA and Pensions Regulator have warned that 5 million savers could be at risk of pension scams. They also conclude that those who consider themselves smart or financially savvy are just as likely to fall foul of the scammers as anyone else.
Offers of high returns in investments such as overseas property, renewable energy, bonds, forestry, storage units or biofuels are typical with nearly a quarter of 45-65 year-olds saying they could be tempted.
Helping savers access their pension funds early also proved to be a persuasive scam tactic. Victims of pension fraud reported in 2018 that they had lost an average of £82,000. That’s a lot of money. These warnings are part of the ScamSmart campaign aimed at tackling and reducing pension fraud.
If something seems to be too good to be true it probably is.
Don’t try to be too clever. However good an investment proposition seems to be check it out very thoroughly and get advice from an FCA authorised firm. In my experience a recommendation from someone you know and trust is always the best starting point for any aspect of financial planning.
If you are worried about any aspect of your pension planning I would be pleased to provide some guidance. Just phone or text me, Richard, on 07770 575122 and let’s talk.
I am not a regulated financial adviser so I can only provide guidance as distinct from personal advice but I can find you a good adviser if that is necessary.
IMPORTANT INFORMATION
This document and our on going services are not personal advice. We'll give you all the help and guidance you need to make your investment and retirement decisions, but we can't advise you. If you're not sure whether you need regulated financial advice we can put you in touch with a suitably qualified and experienced regulated adviser. Because we are not regulated by the Financial Conduct Authority you will not have access to the Financial Ombudsman Service in respect of any complaints. If you use one of the "no advice" on line services to handle investment transactions they will be Regulated and you will have access to the Ombudsman and The Financial Compensation Scheme in respect of their services. The value of investments/pension plans can fall or rise depending on market performance. The Retirement Team and The Investment and Retirement Coach are trading names of Capture Success Ltd Reg No 01825075 Tel 07770575122
