The Minister for Pensions, Steve Webb, has warned that if anybody receives a cold call offering a free pensions review they should hang up immediately.  In just 3 weeks, April 2015, the UK undergoes a pension revolution allowing workers to cash in their pension and spend their money as they want rather than being forced to buy an annuity.

Find out here if you think you have been the victim of financial mis-selling.

Cold Calls

Unfortunately, these changes are likely to mean an explosion in spam texts and cold calls from conmen.  If you get a call offering free pension advice just remember that you spend years saving into a pension and could easily find yourself being tricked out of your money in the blink of an eye.  If you lose your pension money you could be left penniless and yet still have a significant tax bill to pay.

Chat to our No Win No Fee Solicitors on freephone 0800 652 0586.

SPAM Texts

Pensions Minister Steve Webb admitted he has received cold calls and spam texts about his pension in the last few months alone.  Some of the SPAM texts floating about say:

• “If you have a frozen pension prior to 55 you are entitled to a free review. Please call back.”
• “As you have over 10k in your pension, your pension has lost £3,219.43 over the last few years, to get back & find out your payout reply REVIEW.”

100% of our mis sold pension claims are made on a No Win No Fee basis which means that you do not have to worry about any financial risk at all as if your claim is unsuccessful it will not cost you anything.

These messages are incredibly misleading and should be ignored.  The fraudsters who send these types of SPAM texts make promises of free advice or of financial windfalls.  Andy Curry of the Information Commissioner’s Office said:

“There is clearly the potential for a huge spike in the number of these scam texts and calls. It has the potential to be the next PPI.”

The Chief executive of the Pensions Regulator, Lesley Titcomb, said:

“The people behind pension scams are often agile, sophisticated and organised. We expect the scams to continue to evolve.”

How Do The Fraudsters Con You?

The new pension reforms are good news for savers but could also open the floodgates to conmen and claims farmers who churn out thousands of SPAM texts and cold calls everyday.  Tactics they employ are likely to be:

• Offer a free pension review
• Tempt you with a one-off investment opportunity
• Promise upfront cash
• Guarantee returns of 8% or even more
• Dazzle you with talk about locking away cash in overseas investments
• Offer cash back payments
• Pretending to be a Government adviser
• Pretending to be endorsed by officials

How Do They Steal Your Money?

The conmen will take your pension money and give you a small lump sum so everything seems in order.  They will then transfer your money overseas which means it is outside British jurisdiction and away from the arm of the regulator meaning the chances of you ever seeing your money again will disappear.  The final nail in the coffin is when HMRC hands you a tax charge of up to 55% because you have had an unauthorised payment from your pension.

What to do if you’ve been conned

Check the company or advisors are registered with the Financial Conduct Authority.  You can also call Action Fraud on 0300 123 2040. It can prosecute companies found breaking the law.

100% of our mis sold pension claims are made on a No Win No Fee basis which means that you do not have to worry about any financial risk at all as if your claim is unsuccessful it will not cost you anything.

Meeting Us

We are able to give you immediate legal representation no matter where you are in England, Scotland or Wales. We also provide urgent:

• Home visits
• Face to face meeting at one of our private meeting rooms based in most UK cities

because……if you don’t ask you’ll never know!

Contact

• Ask for David Healey
• Call – 01663 761 892
• Email – [email protected]