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Protect yourself from pension scams

Monday, September 3, 2018

There has been a lot of focus in the news recently about the growing number of people falling prey to scams designed to target pension savings. Welplan Pensions is pleased to support a campaign being run by the Financial Conduct Authority and the Pensions Regulator, aimed at increasing awareness of how the scammers tend to work, and giving you the tools to ensure your savings remain safe.

Recent YouGov research shows that on average victims of these scams are losing £91,000, and that nearly a third of people said they wouldn't know how to check if they were speaking with a legitimate pensions adviser or provider.

To protect yourself and your hard-earned savings, here are 4 simple tips to bear in mind:

1. If you are offered a 'free' pensions review, make sure it is from a legitimate company, as it is highly likely that this is a scam!

2. If you are interested in going ahead, check the Financial Services Register to verify it is a legitimate company and is covered by the Financial Services Compensation Scheme

3. Don't be rushed or pressured into making a decision, take the time to do your research

4. If you do want to review your pension arrangements, they consider getting impartial information and advice from either the Pensions Advisory Service or from Pension Wise who can talk you through your retirement options.

To find out more, please see the infographic and leaflet that the Financial Conduct Authority and the Pensions Regulator have developed.