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Pension Scams

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
Beware of Pension Scams

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.

Pension scams involve deceptive practices targeting individuals' retirement funds. Scammers often use cold calls, phishing emails, or pressure tactics, offering fake investment opportunities with promises of high returns. They may claim to provide early access to pension funds, subjecting victims to tax penalties. To avoid pension scams, individuals should verify any unsolicited communications, consult with financial professionals, thoroughly research investments, and be cautious of high-pressure tactics. Legitimate pension advisors do not engage in unsolicited cold calls, and protecting personal information is crucial. Vigilance and skepticism are essential to safeguarding retirement savings from these fraudulent schemes.

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.
pension scam alert
pension scam cheating
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.
Beware of Pension Scams

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.

If you suspect you're being targeted by a pension scam, take immediate steps to protect yourself. Cease communication with the suspected scammer, do not share personal information, and avoid making any payments. Report the incident to your pension provider and relevant authorities, such as the Financial Conduct Authority (FCA) in the UK. Seek advice from financial professionals or pension advisors to assess the legitimacy of the offer. Additionally, contact your bank to monitor and secure your accounts. Being proactive, reporting the incident promptly, and seeking professional guidance are crucial in mitigating potential financial harm from pension scams.

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.
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