Retirement is a period where you stop making a living and start making a life. Now that you are retiring, with a lifetime of work behind, you'll have more time to explore all kinds of hobbies, chasing your passion, working for a lovely garden that's begging for attention and much more. While you say goodbye to tension and hello to pension, remember things hasn't changed; those are still the top issues, "Pension scams". Don't afford to lose your retirement savings to pension con artists waiting to deceive you. Targeting your retirement funds, crooks are drawn to the most helpless; those who are
desperate for cash and in debt or who are confused about the financial underpinnings behind a pension plan.
Not only be suspicious of any sales pitches promising unrealistic returns, but also with official sounding words like 'free pension review', 'one-off investment opportunity' or 'legal loophole', this should sound an alarm bell.
"Convert tomorrow's pension checks into hard cash today." Pension scam Tagline of all time.
Red flags for spotting pension scams :
Listed below are some of the most general strategies used by pension scammers to swindle retirees out of their savings:
- Promising to access your pension amount before the age of 55.
- Money transfer overseas.
- Door delivered paperwork requiring immediate signature.
- Marketing collateral that promises to pay you returns of over 8% on investment
- This strategy is used more often, a tender to put money in a single investment instead of diversified assets.
Whether it is a cold call, text message, website pop-up or someone knocking your front door offering a pension plan review or anything related to your pension money investments, be cautious. Stay away from unsolicited phone call offering an unbeatable investment opportunity guaranteeing higher returns to liberate your pension.
Pension fund scams may emerge as a legitimate investment opportunity, but beware of the many forms it takes.
What to do if you think you're being targeted?
Crooks are trying to deceive your lifetime savings with new techniques, don't add up to the victim list. Check the facts before you make any decision related to your pension fund.Never be rushed into making a decision related to your pension funds, as with anyone who approaches you, keep calm and analyze the profile thoroughly before signing anything. Get in touch with the pension advisory service department.
Report scam :
If you suspect that you are targeted in a pension scam, without any delay contact The Pensions Advisory Service department and report to the local authorities and also to the Federal Trade Commission (FTC) who works to stop fraudulent and unfair business practices.