Pension scams Charlotte Jackson

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Presentation transcript:

Pension scams Charlotte Jackson Catch me if you can! Pension scams Charlotte Jackson

What is a pension scam Complete fraud – no scheme, no investment Fraudulent investment – legal pension scheme, no investment Toxic investment – legal pension scheme, toxic investment (unregulated, high risk, high charges)

How the scam is done

How the scam is done Cold called by an unregulated firm Offered free pensions review Link to pension changes / Government initiative Introduced by a friend (who has done it) Target communities especially where there is a big redundancy Focus on exciting investment especially property Organise courier to pick up documents Letter of authority signed Multiple and unregulated parties involved Best customer service up to when you want money!

Why are pensions targetted? Largest or second largest asset Not well understood Perception that they are restrictive where money can be invested how and when benefits can be taken

Customer protections Avoid cold calls and offers too good to be true Avoid any courier collection Be wary of websites, with stock photography, false reviews, broken links Think about what's a realistic investment return- 8% + is very high! Don’t be pressured into making any decisions Always check the FCA register for regulated companies and advisers Always check with TPAS first – it’s better to be safe than sorry And if you think you have been scammed, report to Action Fraud Chance is that you have lost your money but it may help others

Customer queries "I recently made an enquiry about my pension situation and must acknowledge receipt of a quick and informative response. I was telephoned, to agree a suitable time for an advisor to telephone me. The advisor telephoned as arranged...resulted in sending me a form seeking authorisation/signature and details of a pension I have with previous employer....for the advisor to pursue on my behalf. It was about 2 weeks ago. However, I am a bit concerned now...have I STUPIDLY provided access to personal details/pension and placed that at risk of scam type practice? It is not my intention to insult, just a bit worried I have been daft. Can you confirm, your man is looking into this and my pension is not at risk?“

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