Don’t Get Scammed
Unfortunately, the advent of pension freedoms in 2015 has attracted scammers to pension n funds, as it is now possible to withdraw the whole of your pension fund at once (although this is very rarely, if ever, advisable!)
It is important to be aware of the following points, to ensure that you don’t fall victim to a pension scam:
- Only ever take advice from an adviser who is authorised by the FCA, and who appears on the FCA register
- Don’t accept any cold calls offering pension advice
- Don’t believe anything offering unrealistically high returns e.g. guaranteed 10% per annum. There is no such thing! If something appears too good to be true, it will be!
- Don’t ever invest your pension fund offshore. There is no need to do this, as UK pension funds are tax exempt. If somebody is recommending you invest offshore, they are likely to be a scammer!
- Ask to see an adviser’s qualifications: if they are professionally qualified, they will be happy to provide you with evidence of this
- Don’t invest your pension fund with a company you have never heard of