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Pension Scams
8/15/2018 7:41:36 PM

Pension scams

 

Following an increase in this specific Scam, Action Fraud have posted the following advice.

Pension scammers promise to convert pension funds into cash before retirement, or in some cases they may suggest people can take more than 25% of their pension pot as cash. Pension fraudsters promise to convert pension benefits into cash before age 55.

Criminals are believed to be fraudulently exploiting the pension liberation process in a number of ways. These include failing to advise members of the tax implications of receiving cash from their pension; failing to advise members of the full extent of fees to be paid in relation to any onward investment; falsely representing anticipated levels of returns when  investments are either non – existent or incapable of providing such a return.

The scammers have a variety of tricks to catch you out. They may: 

  • claim that you can access your pension pot before age 55 
  • approach you out of the blue over the phone, via text message or in person door-to-door 
  • entice you with upfront cash 
  • offer a free ‘pension review’ or try to lure you in with so-called ‘one-off’ investment opportunities.

Check the facts before you make an irreversible decision. A lifetime’s savings can be lost in a moment.

The Pensions Regulator’s five steps to avoid becoming a victim of a pension scam:

  • Cold called about your pension - just hang up!
  • Check the credentials of the company and any advisers – who should be registered with the Financial Conduct Authority.
  • Ask for a statement showing how your pension will be paid at retirement, and question who will look after your money until then.
  • Speak to an adviser that is not associated with the deal you’ve been offered, for unbiased advice.
  • Never be rushed into agreeing to a pension transfer.

For more information about pension scams visit The Pensions Regulator website

Before you sign anything call The Pensions Advisory Service on 0300 123 1047

The HM Revenue & Customs website highlights the tax consequences of pension liberation to individuals.

If you have been a victim of this type of fraud, report it to Action Fraud by calling us on 0300 123 2040 or by using our online reporting tool.

Adults at Risk
8/2/2018 8:59:39 AM

Adult Support and Protection Campaign - “Seen Something? Say Something”

 

  • Adult harm can take many forms from neglect, physical, psychological, sexual or financial exploitation.
  • Adults particularly at risk of harm are those who may not be able to look after themselves through factors such as personal circumstances, physical or learning disability, age or illness and infirmity.
  • Act on your suspicions or instincts if you think an adult is being harmed, neglected or exploited.
  • It only takes an email or an anonymous phone call to your local social work department to report it, and they will investigate it sensitively
  • For advice and support visit :

www.actagainstharm.org

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