Three words that could lose you your pension

Moira O'Neill's picture

It is a truth universally acknowledged, that any investor in possession of a good pension must be a target for scammers.

With apologies to Jane Austen, the scamsters are devoting as much effort to getting their hands on your pension as the Bennet daughters did to finding a husband. 

The top three phrases used by pension liberation scammers to steal savers’ retirement funds have today been published by nationwide campaign group, ACA Pension Life, that rescues victims of these fraudulent schemes.

So if anyone tries to talk to you about your pension and mentions ‘legal loophole’, ‘sophisticated investor’ or ‘free’, then please walk away as quickly as Elizabeth Bennet from Mr Collins.

If anyone tells you there is a ‘legal loophole’ that allows you to access part or all of your pension before the age of 55, and that there will be no tax to pay, they’re lying and you should disengage immediately.
“If anyone tells you you're a ‘sophisticated investor’ and should be investing your pension in assets which are ‘not traditionally available,’ red flags should be hoisted.
If you are told you can transfer your pension free of charge, make sure you find out exactly what the long-term charges entail.  There is no such thing as ‘free’.

Your Comments

What a wonderful analogy. If only all pension blurb could be given in he same way. I would like to listen to pension and tax implications if it was given as you do. Well done my dear!