Pensions - Articles - A pension cold call is an attempt to steal your savings


The Pensions Regulator (TPR) and police have launched an investigation into a number of pension schemes suspected of being linked to cold-calling.
Poorly run pension schemes may have links to cold calling

 TPR is concerned that pension holders have been phoned and persuaded to transfer their funds into poorly-run schemes with the promise of higher returns and cash incentives upfront.

 As part of the same investigation, TPR has also appointed an independent trustee to run the Alderley Wealth Management pension scheme over concerns about the management of more than £3 million of funds.

 There is evidence that some members requested their funds to be invested in low-risk UK based investments. Instead funds were placed in high-risk and illiquid investments overseas. Payments are suspected to have been made to introducers – some of whom TPR believes had used cold-calling to target pension holders.

 Mike Birch, TPR’s Director of Case Management, said: “Cold-calling pension holders isn’t illegal yet, but no reputable business does it. We would urge anyone to contact Action Fraud if they are phoned and offered the chance to transfer their pension. Our message is simple – a cold-call about your pension is an attempt to steal your savings.”

 A joint operation between TPR and the North East Regional Special Operations Unit (NERSOU) involved search warrants being executed at four homes and businesses in Newcastle, Sunderland and West Bridgford, near Nottingham, on 11 January.

 TPR teams also inspected one business in the North East in connection with the investigation, before serving a section 72 notice requiring information from that business under the Pensions Act.

 One man and one woman have been interviewed by police under caution on suspicion of Fraud Act offences. A second man has been arrested and questioned by police on suspicion of fraud. He has been released while the investigation continues.

Back to Index


Similar News to this Story

Government right to reject default pathways at retirement
The DWP Select Committee has today published the Government’s response to the Select Committee’s report on Pension Freedoms. In that report, the Commi
Clearing up confusion on the proposed Pensions Dashboard
The Pensions Dashboard was a recurrent topic at the recent Horizons Lifetime Savings and Investments Conference and two notable questions were raised:
Combating Pension Scams
Kate Smith, head of pensions at Aegon, on The Pensions Scams Industry Group’s report, Combating Pension Scams – a code of good practice (version 2):

Site Search

Exact   Any  

Latest Actuarial Jobs

Actuarial Login

Email
Password
 Jobseeker    Client
Reminder Logon

APA Sponsors

Actuarial Jobs & News Feeds

Jobs RSS News RSS

WikiActuary

Be the first to contribute to our definitive actuarial reference forum. Built by actuaries for actuaries.