Another Protect Your Pension Pot Warning

The Insolvency Service has now also issued a warning for people to protect their pension pots from scams, unregulated pension schemes and scam trustees.

In the last 3 years, the Insolvency Service has taken 24 scam companies to court that have accessed nearly 3,750 people pensions and tried to get people to invest in unregulated investment schemes or with pension trustees offering returns, they simply could not deliver. Scam companies have stolen an estimated £202 million.

The Government and the Insolvency Service are working closely to shut down such companies with the Government already banning pensions cold-calling.  It is estimated that the average cost to victims last year was £91,000 each.  Of the 24 companies investigated a total of 57 years’ worth of disqualifications to 8 directors have been issued.

There are still ongoing investigations in many firms and the Insolvency Service is simply asking you to be aware of such scams companies and seek independent advice as well as getting the company’s name, address and to check if their details are registered on the Financial Conduct Authority’s (FCA) Financial Services Register.  https://www.fca.org.uk/firms/financial-services-register

Never be forced or rushed into making decisions about your pension and be aware of companies promising excellent returns that sound to good to be true.

MP Kelly Tolhurst is urging people to do their homework and seek independent advice before acting or, if you suspect you have been part of a scam, contact Action Fraud UK https://www.actionfraud.police.uk/  or visit the ScamSmart website https://www.fca.org.uk/scamsmart.