Cold callers: if in doubt, hang up
Has someone called you out of the blue, offering to help you transfer your UK Pension? Before accepting any assistance from the, make sure you check their credentials first.
Not everyone who ‘cold-calls’ is a telemarketer or a fraudster, but unfortunately, many are. So, how can you spot one? Generally speaking, scammers often offer unusually high returns, discounts and one-time deals that sound too good to be true (we’ll come to this in a second). Plus, they may pressure you into giving them personal information.
We recommend not to engage with a cold caller right away. Instead, ask them for their contact details and call them back after you’ve verified their credentials. In the meantime, don’t give them any personal information at all, including details about your fund or how much money you have invested.
They don’t want you to call them back
Scammers are often successful because they have the ‘element of surprise’, as well as utilising techniques to pressure you. They will be reluctant for you to call them back, as they will lose the advantage of these techniques; you are less likely to feel pressured, as you are calling them at a time that is convenient to you.
Plus, watch out for suspicious contact details; if they only have a cell phone number, or the number is an overseas one, it is highly likely not to be a genuine adviser who can help you with your UK Pension transfer.
They make promises that seem too good to be true
If someone is promising you ‘unbelievable’ returns or telling you they can get you access to their funds, the caller is likely to be a scammer. UK Pension transfers are locked in until the age of 55; withdrawals prior to that are likely to attract some big financial penalties – no matter what the person on the end of the line has told you.
Authorised financial advisers work with you to establish your risk tolerance and your objectives; we can’t tell you your range of returns unless we know a bit more about you. Anyone promising you great or higher than average returns aren’t likely to be a genuine financial adviser.
If you would like to talk to an authorised financial adviser who specialises in UK pension transfers, give us a call. We know the ins and outs of transfers and can help you make the right decision for your needs.
Disclaimer: Please note that the content provided in this article is intended as an overview and as general information only. While care is taken to ensure accuracy and reliability, the information provided is subject to continuous change and may not reflect current developments or address your situation. Before making any decisions based on the information provided in this article, please use your discretion and seek advice from a financial adviser.