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.
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