Monday, 4 October 2021

Be Aware - Pension liberation schemes

Scammers are bombarding people aged 55+ with bogus investment opportunities to try to get hold of their pension savings. One of the most common scams since the pension freedoms were announced involves alleged investment opportunities abroad. Consumers have been offered free pension advice or investment opportunities by phone, text, or email.

Low interest rates have tempted people to take extra risks, making them vulnerable to such fake investments. Fraudsters can approach you by post, email, or phone.

Fight back:  If you’re offered a ‘must-have’ investment or a free pension review out of the blue, be wary. Also be concerned if you’re warned that the deal is limited, and you must act now. Choosing the right retirement income product is a big decision and shouldn’t be done quickly or under pressure.

Consult a registered independent financial adviser. If you think that you may have been made a fraudulent offer, contact Action Fraud on 0300 1232040. You could also visit the FCA’s ScamSmart site.

Be smart and check to see an investment or pension opportunity you’ve been offered and avoid investment and pension scams here on the FCA Warning List.

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