<\/p>\n
Fraudsters promise high returns and low risk, but in reality, pension savers who are scammed can be left with nothing. When savers realise they\u2019ve been scammed, it can be devastating \u2013 many lose their life savings. Once the money is gone, it\u2019s almost impossible to get it back.<\/p>\n
How pension scams work<\/strong> The pension money is often invested in unusual, high-risk investments like:<\/strong> Or it can be simply stolen outright.<\/p>\n Warning signs of a pension scam<\/strong> Other common signs of pension scams:<\/strong> Scams can take many forms<\/strong> What to do if you think you\u2019ve been or are being scammed<\/strong><\/p>\n If you think you might have already been targeted and you\u2019ve agreed to transfer your pension, you should:<\/strong> Once the money is gone, it\u2019s almost impossible to get it back Your pension is one of your most valuable assets, and for many it offers financial security throughout retirement and the rest of their lives. But, like anything valuable, your pension can become the target for illegal activities, scams or inappropriate and high-risk investments<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[2],"tags":[],"_links":{"self":[{"href":"https:\/\/www.paulyoungifa.co.uk\/news\/wp-json\/wp\/v2\/posts\/3981"}],"collection":[{"href":"https:\/\/www.paulyoungifa.co.uk\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.paulyoungifa.co.uk\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.paulyoungifa.co.uk\/news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.paulyoungifa.co.uk\/news\/wp-json\/wp\/v2\/comments?post=3981"}],"version-history":[{"count":0,"href":"https:\/\/www.paulyoungifa.co.uk\/news\/wp-json\/wp\/v2\/posts\/3981\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.paulyoungifa.co.uk\/news\/wp-json\/wp\/v2\/media?parent=3981"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.paulyoungifa.co.uk\/news\/wp-json\/wp\/v2\/categories?post=3981"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.paulyoungifa.co.uk\/news\/wp-json\/wp\/v2\/tags?post=3981"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}
\nAnyone can be the victim of a pension scam, no matter how savvy they think they are. It\u2019s important that everyone can spot the warning signs.
\nScammers try to persuade pension savers to transfer their entire pension savings, or to release funds from it, by making attractive-sounding promises they have no intention of keeping.<\/p>\n
\nOverseas property and hotels
\nRenewable energy bonds
\nForestry
\nParking
\nStorage units<\/p>\n
\nScammers often cold call people via phone, email or text \u2013 this is illegal, and a likely sign of a scam. They often advertise online and can have websites that look official or government-backed.<\/p>\n
\nBeing approached out of the blue: by text, phone call, email or at your front door
\nPhrases used like \u2018free pension review\u2019, \u2018pension liberation\u2019, \u2018loan\u2019, \u2018legal loopholes\u2019, \u2018savings advance\u2019, \u2018one- off investment\u2019, \u2018cashback\u2019, \u2018government initiatives\u2019
\nRecommendations of transferring your money into a single overseas investment, with returns of 8% or higher
\nGuarantees they can get better returns on pension savings
\nHelp to release cash from a pension before the age of 55, with no mention of the HM Revenue & Customs (HMRC) tax bill that can arise
\nHigh-pressure sales tactics \u2013 time- limited offers to get the best deal; using couriers to send documents, who wait until they\u2019re signed
\nUnusual high-risk investments, which tend to be overseas, unregulated, with no consumer protections
\nComplicated investment structures
\nLong-term pension investments \u2013 which often mean people who transfer in do not realise something is wrong for a number of years
\nClaims that they are from a legitimate organisation like the Pension Service, Pension Wise
\nVisits from a courier or personal representative to pressure you to sign paperwork and speed up your transfer
\nThere may be an authentic-looking website, but these can be cloned from legitimate organisations
\nThere will be little or nothing in the way of contact names, addresses or phone numbers<\/p>\n
\nMany scammers persuade savers to transfer their money into single member occupational schemes, or other occupational pension schemes.
\nIt\u2019s good to remember that pension scams can take many forms and usually appear to most to be a legitimate investment opportunity.<\/p>\n
\n1. Contact your pension provider immediately \u2013 they may be able to stop the transfer if it has not already gone through.
\n2. Contact Action Fraud on 0300 123 2040 and report the scam.
\n3. Action Fraud website contact form: https:\/\/www.actionfraud.police.uk\/contact-us-form<\/p>\n","protected":false},"excerpt":{"rendered":"