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Preserving your Pension

“We will consult on how best to ban pensions cold calling and a wider range of pension scams.”
Autumn Statement.

Much heralded in advance of the autumn statement, the government’s decision to take action in respect of pension cold calling is in response to growing levels of concern in respect of the way in which potential fraudsters are taking advantage of a more open pension marketplace. The only surprise really was that the Chancellor Philip Hammond announced a consultation rather than the immediate ban on cold calling which was widely expected by the marketplace.

Such is the level of concern that the Pensions Advisory Service website devotes an entire section to pension scams, commenting that “like anything valuable, your pension can become the target for illegal activities, scams or inappropriate and high risk investments.” It’s an area which we have covered before but it is worth reiterating that legitimate pension advisory organisations will not contact individuals without a prior invitation to do so.

Remember; if it looks too good to be true or if you feel pressured to make an immediate decision then it is time to step away before you hand over your retirement fund to fraudsters.

More information on pension scams and what to look out for is available on the Pensions Advisory Service website
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If you’re looking for advice on pensions, or if your situation has changed and you may therefore need to review your existing investment portfolio, contact Beckworth by using one of the links on our website.