April 6th, 2015

Pension Liberation – a new scam

There’s never any shortage of people looking for new opportunities to scam you out of your money.

The changes to the pension rules from 6 April this year are presenting some new opportunities for the crooks.

There’s different types of scam and usually they’ll start with a ‘cold call’ about:

You must remember that you can only take your pension money before you’re 55 in rare cases, eg if you’re very ill.

Most of these offers are fake but can appear very convincing. Their aim is simple.

Cash in your pension pot and transfer the money to them.

Once you’ve transferred your money into a scam, it’s too late.

You could lose all your pension money as well as face tax of up to 55% or huge additional fees.

How to tell if it’s a scam

Watch out if someone:

How to protect yourself

You can check if the person or company contacting you is on the Financial Conduct Authority (FCA) Register or by calling the FCA on 0800 111 6768. If you call the person or company back, use the phone number for them that’s on the FCA Register.

If you’ve been targeted

If you think you’ve been the victim of a pension scam, call Action Fraud on 0300 123 1047 or use the Action Fraud online reporting tool.

 

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by
Managing Director

Jonathan trained as a chartered accountant with Price Waterhouse (now PWC) in Liverpool before becoming a small business services manager for Grant Thornton in Warrington. He also spent three years as the financial controller for Brookside and Hollyoaks (not that he ever mentions it!).

Jonathan is recognised as a specialist in the entertainment industry and is often called upon to provide training courses and seminars for media professionals. He's also a bit of a technology geek and has been recognised with the accountancy industry as one of the most progressive accountants in the UK.
Outside of work Jonathan is very proud to be the Treasurer of the Tim Parry Johnathan Ball Foundation for Peace and to be on the Council of the Liverpool Institute of Performing Arts (LIPA)

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