{"id":689,"date":"2022-11-04T09:36:26","date_gmt":"2022-11-04T09:36:26","guid":{"rendered":"https:\/\/www.redstarwealth.co.uk\/blog\/?p=689"},"modified":"2022-11-04T09:36:26","modified_gmt":"2022-11-04T09:36:26","slug":"protecting-your-pension-from-scammers","status":"publish","type":"post","link":"https:\/\/www.redstarwealth.co.uk\/blog\/protecting-your-pension-from-scammers\/","title":{"rendered":"Protecting your Pension from Scammers"},"content":{"rendered":"<p>Scammers have various ways of getting you to depart with your pension, and once you make that transfer, your retirement money is gone. Scammers can be very hard to spot; they know exactly what they\u2019re doing.\u00a0Let&#8217;s explore how you can protect your pension and reduce your risk of falling victim to these scams&#8230;<\/p>\n<h2>Warning Signs<\/h2>\n<ul>\n<li><strong>Cold calling-\u00a0<\/strong>since January 2019, there has been a ban on cold calling about pensions. Unless you\u2019ve asked a company to contact you about your pension, they are not allowed to. So, if someone tries to get into contact with you out of nowhere regarding your pension, steer clear!<\/li>\n<li><strong>Claiming to know ways of avoiding tax or saving on tax-<\/strong> yes, tax can be frustrating, but it is there for a reason. We are sorry to say that there\u2019s no loopholes here!<\/li>\n<li><strong>Promising limited time offers or one-off investments-<\/strong>\u00a0if it sounds too good to be true, it probably is<\/li>\n<li><strong>Offering a loan or cash back from your pension-<\/strong> don\u2019t be tempted by the promise of cold hard cash. It\u2019s false<\/li>\n<li><strong>Rushing you to make decisions-<\/strong> take a step back and question why you are being rushed. If they are legitimate, why would you need to make a decision so quickly about money you\u2019ve been putting away for decades?<\/li>\n<li><strong>Getting you to download software or apps-<\/strong> scammers may do this to gain remote access to your devices in order to access things like your bank details<\/li>\n<li><strong>Free pension reviews-<\/strong> as one of the most popular pension scams, this sounds harmless but it won\u2019t end up being just a review at all<\/li>\n<li><strong>Claiming to help you access your pension before age 55-\u00a0<\/strong>you cannot do this without ending up with a very high tax bill from HMRC<\/li>\n<li><strong>Offering complicated investment schemes-<\/strong> a good rule to follow is that if you don\u2019t understand it, don\u2019t do it<\/li>\n<li><strong>Putting your money into a long-term investment-<\/strong> scammers may use this tactic as you wouldn\u2019t necessarily notice for years that there is something not right<\/li>\n<li><strong>Suggesting you funnel all of your pension pot into a singular investment-<\/strong> the investments most scammers persuade you to buy into are incredibly high-risk, meaning you risk losing all of your retirement savings. Most regulated financial advisers will suggest diversifying your investments to reduce risk<\/li>\n<\/ul>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter wp-image-738\" src=\"https:\/\/www.redstareducation.co.uk\/blog\/wp-content\/uploads\/scam-pic-pension-rse-800x533.jpg\" alt=\"\" width=\"389\" height=\"259\" \/><\/p>\n<h2>Protecting your Pension<\/h2>\n<ul>\n<li>Many pension scammers have convincing websites and online presences to make them seem like they\u2019re legitimate. This is why it\u2019s so important to take extra precautions with your pension.<\/li>\n<li>Check the <a href=\"https:\/\/register.fca.org.uk\/s\/\">FCA register<\/a> to check if they\u2019re legitimate<\/li>\n<li>Check the <a href=\"https:\/\/www.fca.org.uk\/consumers\/unauthorised-firms-individuals\">FCA\u2019s list of unauthorised firms and individuals<\/a><\/li>\n<li>Check the <a href=\"https:\/\/www.fca.org.uk\/scamsmart\/warning-list\">FCA Warning List<\/a> to see the risks associated with a potential investment<\/li>\n<li>Talk to a regulated financial adviser before transferring your pension<\/li>\n<li>Check it isn\u2019t a clone firm. Some scammers pose as legitimate firms by using their name but different contact details. Make sure you use the contact details which are on the FCA website to ensure you don\u2019t fall into this trap<\/li>\n<li>If you think you\u2019ve been scammed, contact your pension provider to see if they can stop the transfer if it hasn\u2019t taken place yet<\/li>\n<\/ul>\n<p><em><strong>Your pension pot is made up of your hard-earned money, so why risk losing it all? Take these precautions and watch out for scammers! If you have been a victim of a pension scam, contact <a href=\"https:\/\/www.actionfraud.police.uk\/\">Action Fraud<\/a> to report it.<\/strong><\/em><\/p>\n<p>&nbsp;<\/p>\n<h3><a href=\"https:\/\/www.redstareducation.co.uk\/blog\/financial-scams-and-how-to-avoid-them\/\">Click here<\/a> to learn more from our sister company about protecting yourself from financial scams.<\/h3>\n","protected":false},"excerpt":{"rendered":"<p>Scammers have various ways of getting you to depart with your pension, and once you make that transfer, your retirement money is gone. Scammers can be very hard to spot; they know exactly what they\u2019re doing.\u00a0Let&#8217;s explore how you can protect your pension and reduce your risk of falling victim to these scams&#8230; Warning Signs [&hellip;]<\/p>\n","protected":false},"author":7,"featured_media":690,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mi_skip_tracking":false,"spay_email":"","footnotes":"","jetpack_publicize_message":"","jetpack_is_tweetstorm":false},"categories":[1],"tags":[165,41,24,166,167,168,28,152,170,169,164,160,153,163,161,162],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.1 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Protecting your Pension from Scammers - Red Star Wealth<\/title>\n<meta name=\"description\" content=\"If you have a pension, it&#039;s important that you\u2019re aware of how scammers work and how to avoid them. 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