Financial Management Consultancy

Protect your pension pots

The Insolvency Service has urged individuals saving for retirement to protect their pension pots from criminals and 'negligent trustees'.

The Insolvency Service has urged individuals saving for retirement to protect their pension pots from criminals and 'negligent trustees'.

Research carried out by the Service found that criminals use a range of tactics to convince savers to part with their funds, including persuading individuals to access their pension and invest in unregulated schemes.

Pension scam victims lost an average of £91,000 to criminals in 2018, according to Financial Conduct Authority (FCA) research. Criminals often use cold-calls and offers of free pension reviews to convince their victims to comply.

The Insolvency Service has urged savers to be wary of calls that come out of the blue; seek financial advice before altering their pension arrangements or making investments; and not be pressured into making decisions about their pension.

Consumer Minister Kelly Tolhurst said:

'If you are approached to make an investment from your pension, always do your homework and seek independent advice, if necessary, to help you make an informed decision.

'The government continues to work closely with the Insolvency Service who are working to clamp down on rogue companies targeting vulnerable people.'

Internet link: GOV.UK news

Get in touch

Why not drop us a line or fill in our very quick enquiry form

Address
Plan Target Limited, Weir Bank, Bray Business Centre, Bray, Berkshire SL6 2ED
Phone

01628 762 722

Email

info@plan-target.com


Home | About us | Contact us | Site map | Accessibility | Disclaimer | Help |

© 2024 Plan Target Limited. All rights reserved.

We use cookies on this website, you can find more information about cookies here.