Pension Scamming | Services | Alexander Peter Wealth Management

How does pensions scamming work

Unfortunately pensions have been targeted by scammers for a number of years, even those who think themselves financially savvy have been victims of pension scammers.

What warning signs should you look for?

Anyone who calls you out of the blue.
If you are advised to access your pension before the age of 55 (this is known as pension liberation) and will result in you receiving tax charge of 55% of the value of your pension.
If you are offered very high or guaranteed returns.
If you are put under undue pressure due to time limitations.
Exotic high-risk investments, these will be unregulated and could include such things as plantations, storage pods, single hotel projects, biofuels, crypto currency, even tropical tree planations.

To protect yourself against the pension scammers it is important to do these four things

1. Research

Thoroughly research your adviser, are they qualified? Where are they regulated?

2. Never be pressured

Never be pressured into signing anything that you are not absolutely sure you understand

3. Your personal circumstances

Ensure that your adviser has discussed with you your personal circumstances, your needs, what you’re trying to achieve and your appetite for risk.

4. Costs and charges

Make sure your adviser is fully transparent with regard to all costs and charges.