Pension Fraud: You and Yours In-Depth Report

Consumer Lookout has already highlighted the rise of pension scams, following plans to relax pension rules next year.

Hundreds of people have been sold millions of pounds worth of investments by cold callers – and some are now desperately trying to find out where their money is.   BBC4’s consumer programme You and Yours has devoted the whole of yesterday’s programme to investigating those companies.  Listen on iPlayer.

A few tips derived from that programme are:

  • If you are under 55, you cannot touch your pension without owing huge amounts of tax to HMRC, so anyone who tells you they can get you access to your pension pot early is probably running scam.
  • Do not invest based on a cold call.
  • A glossy brochure does not necessarily indicate a sound investment.
  • If the company is listed at HMRC, that just means they are registered for tax – it does not mean they are legitimate.
  • Always seek investment advice from an Independent Financial Advisor.
  • The Financial Conduct Authority website can help you check out companies offering financial services or look for an Independent Financial Advisor.