Pension Scams! Don't get caught out.
JANET'S TOP TIPS ON AVOIDING THE SCAMMERS AND TAKING CONTROL OF YOUR PENSIONS
Are you one of the many people who have been saving into a pension for a long time but find the whole thing a little perplexing?
Have you been saving into a pension for years but don't really understand how your money is invested and how you can access it?
Do you have a number of different pensions you would like to combine?
Do you want to know how much they could be worth when you retire or perhaps you're ready to start drawing money from your pensions?
You need advice but don't know where to turn?
There are many regulated, trustworthy financial advisers available but there are also unscrupulous fraudsters trying to get their hands on your hard earned money. They can be extremely convincing and have taken in even the most savvy investors.
Here are my top tips to get the help you need and protect yourself:
- take advice from people you've never heard of and who have approached you
- be time pressured into doing anything
- be enticed by people saying they can access your pension for you before the age of 55 – this can only be done in exceptional circumstances
- be drawn by promises of high returns – if they sound too good to be true they usually are
- make use of the free impartial Government service Pension Wise: https://www.pensionwise.gov.uk/en
- take advice from a regulated Financial Adviser - check they are registered with the Financial Conduct Authority, go to https://register.fca.org.uk/s/ This site also gives more helpful information.
- check you have safeguarded yourself as far as possible, try filling in the FCA's questionnaire: fca.org.uk/scamsmart/warninglist
Good luck, don't be put off finding a regulated, trustworthy financial adviser who can guide you through your pension options. They will offer invaluable advice to help you plan for the type of life you want to lead in retirement.
The value of investments and any income from them can fall as well as rise and you may not get back the original amount invested.