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

2. 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)

3. How the scam is done

4. 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!

5. 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

6. 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

7. 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?“

8. Calls that we don’t like to take

9. Protect your financial future