‘Flip the context’ and protect your hard-earned cash
Home >
All >
‘Flip the context’ and protect your hard-earned cash
Pension savers lost more than £2m to scammers in the first five months of this year. The average amount lost per victim so far in 2021 is a staggering £50,949 – more than double the £23,689 lost on average in 2020.
This is according to worrying research from the Financial Conduct Authority (FCA), which found that pension holders are nine times more likely to trust pension ‘advice’ from an online acquaintance than from a stranger they met face to face. To avoid losing your life savings, the FCA suggests ‘flipping the context’, and imagining what you would do if a stranger in the pub told you to put your pension into something they were selling.
Spotting scams
Have you:
- Been offered a free pension review out of the blue?
- Been guaranteed high returns?
- Been offered the opportunity to release cash from your pension under 55 years of age?
- Felt pressured into a deal, for example with a ‘time-limited’ offer?
- Been offered an unusual investment opportunity (often unregulated and high risk)?
If so, or if you have doubts about any investment opportunities related to your pension, get in touch.
It is important to take professional advice before making any decision relating to your personal finances. Information within this document is based on our current understanding and can be subject to change without notice and the accuracy and completeness of the information cannot be guaranteed. It does not provide individual tailored investment advice and is for guidance only. Some rules may vary in different parts of the UK. We cannot assume legal liability for any errors or omissions it might contain. Levels and bases of, and reliefs from, taxation are those currently applying or proposed and are subject to change; their value depends on the individual circumstances of the investor. No part of this document may be reproduced in any manner without prior permission.
The value of investments can go down as well as up and you may not get back the full amount you invested. The past is not a guide to future performance and past performance may not necessarily be repeated. If you withdraw from an investment in the early years, you may not get back the full amount you invested. Changes in the rates of exchange may have an adverse effect on the value or price of an investment in sterling terms if it is denominated in a foreign currency.
Information is based on our understanding of taxation legislation and regulations. Any levels and bases of, and reliefs from, taxation are subject to change.
Tax treatment is based on individual circumstances and may be subject to change in the future.
Other Insights of interest
23rd April, 2024
Residential Property Review of April 2024
Upcoming election has not discouraged potential movers A survey by Savills has found that the…
Read full insight
23rd April, 2024
Commercial Property Review of April 2024
Commercial property market update Latest research from Cluttons indicates that vacancy rates hit 4.1% at…
Read full insight
17th April, 2024
The surging cost of retirement
According to the Pensions and Lifetime Savings Association (PLSA)9, a ‘moderate’ standard of living includes…
Read full insight
17th April, 2024
Confidence returns
Increased investor confidence in equity funds over the last few months has been evidenced by…
Read full insight