Pensions - Articles - Aegon comment on latest scam report from TPR and FCA


Kate Smith, head of pensions at Aegon, on the latest pension scams campaign from TPR/FCA:

 “It’s tempting to dismiss scams as something that only happen to other people. In reality though the one thing scammers don’t do is discriminate. They don’t care if you’re young or old, if you have lots of money or have had to make sacrifices to save what you have, they’re only interested in one thing, getting their hands on your hard-earned savings, if you let them.

 “Fraudsters are increasingly sophisticated and will re-invent their approach, but while it may appear that they to want to help you, their only motivation is helping themselves to your pension savings. And being caught out and losing your pension is devastating.

 “There’s often warning signs that should set the alarm bells ringing, but if you rush into things or are too self-assured you may miss them.

 “For example, if you’re contacted out of the blue and offered a free pension review, the chances are it’s a scam. The offer of a free pension review, can sound harmless but it’s a method commonly used by scammers to trick people into giving personal and financial information. The mention of those three little words, should immediately set off an internal warning.”

 Aegon’s tips to avoid scammers
 1. Try not to engage in conversation with Cold Callers. The safest thing to do is to hang up. Pension cold-calling is illegal
 2. Think about installing call blocker technology on your phone.
 3. Never give out personal information, including your bank details.
 4. Always check the Financial Conduct Authority (FCA) online register to check a company is genuine
 5. Check the FCA ScamSmart warning list for known investment scams.
 6. Use the Pension Advisory Online tool to Identify a pension scam if you are worried about information given or action you’ve taken 
 7. Never feel pressurised into making a quick decision, and read any documents carefully before you sign on the dotted line.
 8. Always do the research. As always, if in doubt, use a regulated adviser. You can find one of these using the ‘unbiased adviser’ website.
 9. Report any concerns to your pension provider, adviser, or Action Fraud by calling 0300 123 2040 or online at actionfraud.police.uk
  

Back to Index


Similar News to this Story

Pensions Pandemic and how to prepare
The ongoing Coronavirus outbreak is a 'here and now' reminder of a disease which could become a pandemic[i]. The potential human impact is a
Transfer values regain lost ground in January
Defined benefit (DB) transfer values regained much of the ground they had lost in the last quarter of 2019, according to XPS Transfer Watch, and the n
House of Lords amendments to Pension Bill are a big surprise
Simon Jones, head of responsible investment at Hymans Robertson comments on the House of Lords climate risk disclosure amendment:

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.