Call us on: 01772 729 742 | Email us at: enquiries@springfieldfs.co.uk
Springfield Financial Services Chartered Logo
  • Home
  • About You
    • Building Wealth
    • Managing Wealth
    • Estate Planning & Later Life
  • About Us
    • Our People
    • Corporate Chartered Status
    • Awards
    • Charity and Sponsorship
  • Financial Services For You
    • Investment Planning
    • Tax Planning
    • Pensions and Retirement Planning
    • Inheritance Tax, Trust & Estate Planning and Later Life
  • News
  • Get In Touch
Call us on: 01772 729 742 | Email us at: enquiries@springfieldfs.co.uk
Springfield Financial Services Chartered Logo
  • Home
  • About You
    • Building Wealth
    • Managing Wealth
    • Estate Planning & Later Life
  • About Us
    • Our People
    • Corporate Chartered Status
    • Awards
    • Charity and Sponsorship
  • Financial Services For You
    • Investment Planning
    • Tax Planning
    • Pensions and Retirement Planning
    • Inheritance Tax, Trust & Estate Planning and Later Life
  • News
  • Get In Touch
Call us on: 01772 729 742 | Email us at: enquiries@springfieldfs.co.uk
Springfield Financial Services Chartered Logo
  • Home
  • About You
    • Building Wealth
    • Managing Wealth
    • Estate Planning & Later Life
  • About Us
    • Our People
    • Corporate Chartered Status
    • Awards
    • Charity and Sponsorship
  • Financial Services For You
    • Investment Planning
    • Tax Planning
    • Pensions and Retirement Planning
    • Inheritance Tax, Trust & Estate Planning and Later Life
  • News
  • Get In Touch
Springfield Financial Services Chartered Logo
  • Home
  • About You
    • Building Wealth
    • Managing Wealth
    • Estate Planning & Later Life
  • About Us
    • Our People
    • Corporate Chartered Status
    • Awards
    • Charity and Sponsorship
  • Financial Services For You
    • Investment Planning
    • Tax Planning
    • Pensions and Retirement Planning
    • Inheritance Tax, Trust & Estate Planning and Later Life
  • News
  • Get In Touch
Tax Planning for Individuals
October 29, 2019
Springfield’s Renewal of Corporate Chartered Financial Planners Status
October 29, 2019

How To Avoid A Pension Scam!

October 29, 2019
Springfield Financial logo

Pension scams can be hard to spot, and in this article, we wanted to provide you with more information as to how pension scams work, how you can avoid them and what you should do if you suspect a scam.

Unfortunately, scammers can be articulate and financially knowledgeable individuals, with credible-looking websites and testimonials that can be hard to distinguish from the real thing.

How does a pension scam work?
Scammers will usually contact people out of the blue via phone, email or text, or they may even advertise online. Sometimes they may even be introduced to you via a friend or family member, who is also unknowingly being scammed.

Scammers will make false claims to gain your trust, such as claiming that they are authorised by the Financial Conduct Authority (FCA) or that they don’t have to be FCA authorised because they aren’t providing the advice themselves.

Scammers will design attractive offers to persuade you to transfer your pension pot to them. It’s then often invested in unusual and high-risk investments, or sometimes the funds will be simply stolen outright.

How do I know if it’s a scam?
Be cautious if an individual or a company does or offers you any of the following things:

  • Being contacted out of the blue
  • Promises of high and/or guaranteed returns
  • Free pension reviews
  • Access to your pension before the age of 55
  • Pressure to act quickly

How can you protect yourself from pension scams?

  1. Reject unexpected offers. If you’re contacted out of the blue regarding a pension opportunity, chances are that it’s high risk or a scam. If you do get a cold call about your pension, the best thing to do is to hang up. If you get unsolicited offers via email or text, you should simply ignore them.
  2. Make sure you know who you are dealing with and always check the FCA Register to make sure that anyone offering you advice or other financial services is FCA authorised. If you don’t use an FCA-authorised firm, you won’t have access to the Financial Ombudsman Service or the Financial Services Compensation Scheme (FSCS), so you’re unlikely to get your money back if things go wrong.
  3. Do not be rushed or pressured. Ensure you make all the checks that you need and be wary of promised returns that sound too good to be true.
  4. Obtain impartial information or advice. Our team of financial advisers can help you to make the best decision for your own personal circumstances.

What should I do if I suspect a scam?    

If you do suspect a scam, then you should carry out the following actions:

  • Report it to the FCA by contacting their Consumer Helpline on 0800 111 6768 or using the reporting form at fca.org.uk
  • Report it to Action Fraud by calling 0300 123 2040.
  • If you’ve agreed to transfer your pension and now suspect a scam, contact your pension provider immediately and then get in touch with The Pensions Advisory Service (TPAS) at thepensionadvisoryservice.co.uk.
Share
0

Related posts

2021 Spring Budget
March 16, 2021

Our 2021 Spring Budget Summary


Read more
Financial vulnerability task force a safe pair of hands
March 9, 2021

Financial Vulnerability Taskforce – A Safe Pair of Hands with Springfield


Read more
An up to date Will
January 22, 2021

The importance of having an up to date Will


Read more

Recent Posts

  • Our 2021 Spring Budget Summary
  • Financial Vulnerability Taskforce – A Safe Pair of Hands with Springfield
  • The importance of having an up to date Will
  • Changes to Pension Freedoms Age – What you need to know
  • Office of the Public Guardian launches new online power of attorney service

Archives

April 2021
MTWTFSS
 1234
567891011
12131415161718
19202122232425
2627282930 
« Mar    

Our Services

  • Investment Planning
  • Tax Planning
  • Inheritance Tax, Trust & Estate Planning and Later Life
  • Pensions and Retirement Planning

Legal Policies

  • Cookie Policy
  • Privacy Policy

Financial Conduct

Financial Conduct Authority Financial Ombudsman Service
© 2019 Springfield Financial Services | Website by Voodoo Agency
      This website uses cookies to improve your experience. We'll assume you're ok with this, but you can opt-out if you wish. Cookie settingsACCEPT
      Privacy & Cookies Policy

      Privacy Overview

      This website uses cookies to improve your experience while you navigate through the website. Out of these cookies, the cookies that are categorized as necessary are stored on your browser as they are as essential for the working of basic functionalities of the website. We also use third-party cookies that help us analyze and understand how you use this website. These cookies will be stored in your browser only with your consent. You also have the option to opt-out of these cookies. But opting out of some of these cookies may have an effect on your browsing experience.
      Necessary
      Always Enabled

      Necessary cookies are absolutely essential for the website to function properly. This category only includes cookies that ensures basic functionalities and security features of the website. These cookies do not store any personal information.

      Non-necessary

      Any cookies that may not be particularly necessary for the website to function and is used specifically to collect user personal data via analytics, ads, other embedded contents are termed as non-necessary cookies. It is mandatory to procure user consent prior to running these cookies on your website.

      SAVE & ACCEPT