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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Director

John manages a wide portfolio of owner managed businesses and oversees the smooth operation of the firm’s payroll department.

After obtaining his degree in mathematics from the University of Liverpool, John joined Jonathan Ford & Co in 2004 and qualified as a chartered accountant four years later. John likes to keep abreast of developments in tax and accounting and is responsible for the mentoring of junior staff.

Outside of work, John enjoys powerlifting and is a Liverpool FC season ticket holder.

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