Scammers try to persuade pension savers to transfer their entire pension savings, or to release pension funds, by making attractive-sounding promises that are just fake.
They may offer to invest your fund in:-
- overseas property and hotels
- new build property
- renewable energy bonds or other ‘green’ initiatives e.g. planting trees
- vehicle parking
- storage units
- or anything else that seems popular
Taking any money from your pension fund before the age of 55 (unless there are extenuating circumstances) will result in a large tax bill and scammers promises to have a loophole to get around this are not true.
Cold calling about pensions is illegal but most of those pension cold callers moved to online scams about pensions.
The Common Signs of a Scam
- Unsolicited contact
- Phrases such as ‘cashback’, ‘loophole’, ‘pension liberation’
- Promises of high returns or even guaranteed returns
- Free pension reviews
- Access to your pension before age 55
- Pressure to act quickly before the offer ends
Remember – always take professional advice before making any significant financial investment and never hand over any personal financial information to anyone you’re not certain is trustworthy.
If you have any experiences with these scams do let me know, by email.
