Last year the average victim of pension fraud in the UK lost £91,000. That’s quite a scary number and historically everyone has assumed that this has been driven by unscrupulous fraudsters cold calling victims and promising unrealistic returns and making false promises. However, a report by the Pensions Scams Industry Group which tracked data from 3 of the UKs largest pension companies found that only 52% of the suspected cases involved unregulated advisors. Clearly these unregulated scammers are still a big problem, but people also need to know how to protect themselves from unscrupulous regulated advisors. The report’s finding that only 6% of the suspect transfers came from cold calling shows how careful everybody needs to be.
ENSURE THAT YOU HAVE THE RIGHT ADVICE BEFORE MAKING ANY PENSION TRANSFERS- THERE IS A LOT OF BAD ADVICE OUT THERE AND THE CONSEQUENCES ARE CATASTROPHIC
Tips and Advice
- Only talk to regulated advisors! – Check the FCA register by clicking here
- Do your research – Contact Pension Wise they are a free and impartial government service who will give you personal guidance. Also, there are excellent online resources such as FCA
- Spot the scam – If the deal looks too good to be true, it’s a scam
- Time pressure? – Fraudsters commonly use time pressure as a tactic to push you into making the wrong decision, if someone starts doing this is often the sign of a scam
- Follow the crowd – Does the company selling have lots of reviews? If not be very cautious
- Personal means private! – Do not divulge personal details unless you are certain who you are sharing it with
- Specialist advisors for older people – The Society of Later Life Advisors, SOLLA, is a specialist organization of financial advisors who have to meet criteria to be members, using their advisors is a good idea, click here to find one
- Still Unsure? – Join Reassura 0800 888 6400 and one of our fraud advisor’s will help you to stay safe
- To report a fraud – If you think you have been a victim of pension fraud you need to receive a police crime reference number call Action Fraud on 0300 123 2040 or use theironline fraud reporting tool
Reassura is dedicated to helping raise awareness of scams and fraud along with the impact they have on their victims. Reassura’s team of specialist anti-fraud advisors are here to help members make better decisions and avoid falling victim to scams and fraud.
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