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Sanity check 1: Get scam-proof

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Six ‘sanity checks’ for keeping you cool, calm and collected and protecting your retirement aspirations.  

For many of us the Covid-19 pandemic has brought high anxiety and financial strain. As a result, it’s easy to fall into short-term thinking, reacting to events and making ‘snap’ decisions that aren’t in our long-term best interest. We have six ‘sanity checks’ to help you keep a cool head and make good decisions to protect your retirement vision.

Sanity check 1. Get scam-proof

Did you know in the past, the average pension scam victim has lost £91,000 to scammers?

But what is a pension scam? It’s when fraudsters try to persuade you to transfer your retirement savings out of your pension scheme, so they can get at your money.

Watch out for these scam tactics

  • Contact you didn’t ask for – especially if they offer a ‘free pension review’.
  • Offers of ‘one-off’ investment opportunities, possibly overseas, with promises of high or guaranteed returns.
  • Claims there are ‘legal loopholes’ enabling you to take retirement benefits before age 55.
  • Being rushed or pressured into making a decision.

Three ways to be scam-proof

  1. Reject any telephone ‘cold calls’, emails, text messages or visitors you haven’t asked for, even if they claim to be from a Government organisation like the Money and Pensions Service or Pensions Advisory Service.
  2. Check who you’re dealing with. Are they on the FCA register of regulated companies – or the FCA warning list?
  3. Ask yourself ‘Does this sound too good to be true?’ If the answer’s ‘yes’, it probably is.

Think you’ve been scammed? Act immediately

  • If you’ve signed something you’re now worried about, contact your pension provider straight away. They may be able to stop a transfer that hasn’t happened yet.
  • Report suspected scams to the FCA Scamsmart website and Action Fraud (online or by phoning 0300 123 2040).
  • Get help. The Pensions Advisory Service website has lots of free pension guidance and information. You can also call them on 0800 011 3797 or use the ‘webchat’ facility.

Let’s keep a cool head.

Aspire to Retire

Questions? Get in touch with us

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