Fraudsters can be very persuasive when attempting to convince you to part with your pension money. Pension scams have become a serious problem and you could easily lose all your pension savings if you fall prey to them. It is important to check who you are dealing with before you change your pension arrangements. Prevention is better than cure so here are some handy warning signs to look out for to help prevent you from falling into this trap:
Unexpected pension offers online, via text message, social media or phone?
Reject these offers!
You are promised higher returns from overseas investments. Consider getting impartial information and advice before committing.
Offered a loan from our pension
Most personal pensions have a set age when you can start taking money from them and this is usually from the age of 55. Contact a financial advisor if you’re not sure.
Think twice before investing in Single Investments
Be aware of recommendations for you to put all your money into a single investment. Most financial advisors will recommend that you spread your money and risk across different schemes.
Do not be pressured
Do not be pressured into making a quick decision and don’t provide a hasty signature. Take the time needed to think it over.
Promising early access to funds
Promising that you can access your pension before the age of 55. When you can take your pension will depend on your pension scheme rules, however, it is usually after you’re 55.
Vague contact details
The call that you receive is from a mobile phone and you are told that there is no landline.
The caller is not able to provide you with their physical address.
Investment in Hotels or green energy schemes
You are offered high-investment returns in hotels or green energy schemes that never come to fruition.