Ten steps to protect your pension
If you’re thinking about how to invest your retirement savings, follow these
ten steps to protect your pension.
1. Be wary of cold calls and unsolicited texts or emails
Scammers will often claim they're from Pension Wise or other government-backed bodies. These organisations would never phone or text to offer a
2. Check everything for yourself
People have fallen for scams because they'd been 'recommended by a
friend'. Do your homework, even if you consider yourself to be financially
savvy - false confidence can lead to getting stung.
3. Make sure your adviser is on the Financial Conduct Authority
Pensions scammers may pose as financial advisers. Check to make sure
yours is registered on the FCA website.
4. Check the FCA's list of known scams
Visit the FCA's scamsmart to see if the deal you're being offered is a known
5. Steer clear of overseas investment deals
Well-known scam types include unregulated investment in a hotel, vineyard or
other overseas opportunities, and where your money is all in one place -
and therefore more at risk.
6. Don't fall for 'guaranteed' returns or professional looking
websites or brochures
You can never guarantee returns on an investment, and anyone can create
a smart website or brochure these days. Question everything, however
credible it sounds or looks.
7. Don't be rushed into a decision
Scammers will try to pressure you with 'time limited offers' or send a
courier to your door to wait while you sign documents. Take your time to
make all the checks you need - even if this means turning down an 'amazing'
8. If you're aged 55 or over and have a DC pension, talk to
Pension Wise is there to help you investigate your retirement options.
Visit the Pension Wise website for more information (and to check what
kind of pension you have).
9. Ask The Pensions Advisory Service for help if you have doubts
You can call them on 0300 123 1047 or visit the TPAS website for free
pensions advice and information.
10. Contact your provider and call Action Fraud if you've
already signed and think you've been scammed
If you've already signed something you're now unsure about, call Action
Fraud on 0300 123 2040 and contact your pension provider immediately.
They may be able to stop a transfer that hasn't taken place yet.
Gardner Massey Wright IFA Ltd are directly regulated with the
FCA and do not advise on any high risk pension schemes and
schemes that are designed to beat regulation.
Regulation is there to protect you the consumer and you should only deal
with an FCA regulated firm that has the authorisation to advise on all
aspects of pension plans including DC and DB schemes.
To avoid the pitfalls you should seek independent advice, it could be the
best decision you make.
Gardner Massey Wright IFA Ltd
35 Market Street,
You may also use our contact form.
Monday to Friday 9:00am to 5:00pm
Evenings and weekends by appointment