Scam Alert! – Pension Transfer Scams

Over 50% of all 45-65 year olds could be at risk! Don’t gamble with your entire pension.

We’ve been hearing more and more about people who were tricked into transferring their pensions into dodgy overseas funds.

In fact, research shows that nearly a third of all pensions transfers involve illegal activity!

You might think that your pension is definitely safe – but don’t be too sure!

Research conducted by the Financial Conduct Authority showed 52 per cent of 45-65 year olds with a pension didn’t think they were likely to be targeted by a pension scam. The most common reason given was that people considered themselves too savvy to be scammed (21 per cent).

If you’re targeted by pensions scammers, they may have significant personal information about you. They’ll sound official and will have good reasons for transferring your pension.

A great rule to follow is that if you’re asked to transfer your pension overseas, don’t do it!

If you’re told about investments that seem too good to be true, they probably are. Huge returns exploiting “simple loopholes” are normally the hallmark of a scam!

If you’re told that your money will be invested into luxury products that sound fun – holiday homes, wine, vintage cars – it’s probably not legit.

Scammers may also claim to be acting on behalf of the FCA or the government service Pension Wise.