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Look After Your Pension

“January is a great time to think about your pension options.” So said Pensions Minister, Guy Opperman before he went on to warn about the dangers of responding to pension cold callers. Commenting that no reputable firm will contact individuals out of the blue offering pension advice, the Minister cautioned people to “do your research, think carefully about the offer, and if you didn’t ask for the call, hang up the phone.”

Is pension fraud an ongoing concern? Well, yes it is although the exact scale of the problem is still under debate. One set of statistics put before Parliament last year revealed that since 2014 some £44million in pension funds had been lost to scammers. However, a letter from the Pensions Regulator’s Chief Executive to a Parliamentary committee in November 2017 suggests the true figure could be far higher with some individuals either not reporting their losses or potentially not having realised as yet that they have been the subject of fraud.

For those who are concerned, the Pensions Regulator has some handy hints* including hanging up on cold callers and never be rushed into making a decision. The Government too is looking at a variety of options aimed at boosting understanding and security in connection with pensions. If you are looking for pensions or investment advice, or if your situation has changed and you may therefore need to review your existing investments, contact Beckworth by using one of the links on our website.