Pension Liberation Scams – Don´t become a victim

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Posted and filed under Financial outlook, General Articles of Interest, Legal Issues in Spain.

Pension Liberation Scams – Don´t become a victim.

Spanish Solutions have become aware that there is a scam currently active that we wish to highlight to our clients to warn you of this practice.

Pension Liberation’s scammers claim to release cash from people’s pension pots before they reach age 55. These promises of early cash are false and are likely to result in you paying big bills, in some cases leaving people with no savings for retirement. Do NOT confuse this with Pensions Liberation Day, which some people call the day (6 April) when the new pension freedom came into effect. Please be aware of the people who contact you and inform you that you can release your pension before the age of 55 they will very likely be scammers. These pension liberation scammers claim you can get access to your pension even before you are 55. They will probablly contact you in various ways, including:

-Cold calling your landline or mobile phone- if you receive a call from someone offering you a free pension review, its almost definitely a scam so basically put the phone down or cancel the call.

– Text messages – You may receive a text message on your mobile but do not respond even though it will be enticing you into very attractive but often unrealistic returns that could result in you having nothing left on your actual retirement date.

– Cold calling at your home – Never feel that you have to open your door to anyone that you do not know. If you open the door and the person is trying to convince you that they can offer you a great investment opportunity then it is probably a scam.

They will all use phrases like “free pension review”, “one off investment opportunity” or “legal loophole”. They will have convincing marketing material that promises you a return on your money. They may propose to put your money into a single investment. They will inform you that paperwork will be delivered by a courier for signature.

If you are thinking you are about to enter into what maybe a scam never be rushed or pressurised to make a decision. Once the money has been released it will likely be very difficult to reverse and will be at the discretion of the pension company. Always contact The Pensions Advisory Services www.pensionsadvisoryservice.org.uk telephone on (0044) 03001231047 or visit www.pension–scams.com

If you think you have already accepted an offer, report it to Action Fraud at www.actionfraud.police.uk or call (0044) 03001232040

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