‘Flip the context’ to protect your savings

The Financial Conduct Authority (FCA) has revealed that over £2m was lost to pension scammers in the first five months of 2021. The average amount lost so far in 2021 is £50,949, compared to £23,689 in 2020.

The FCA research shows that pension holders were nine times more likely to accept ‘advice’ from someone online than they would from a stranger they met in person. FCA advice urges everyone who receives a pension offer online to imagine what they would do in real life, by flipping the context. For instance, if a stranger in a pub told you to put your pension into something they were selling, would you do that?

Signs of a scam

• Offer of a free pension review out of the blue

• Being offered guaranteed higher returns

• Offer to release cash from your pension, even though you’re under 55

• High-pressure sales tactics – scammers may try to pressure you with ‘time-limited’ offers

• Unusual investments which tend to be unregulated and high risk.

If you are concerned about any pension offers you receive, don’t hesitate to contact us.

The value of investments can go down as well as up and you may not get back the full amount you invested. The past is not a guide to future performance and past performance may not necessarily be repeated.

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