Keep your eye on the ball
Home >
All >
Keep your eye on the ball
A new ScamSmart campaign aimed at fans of the beautiful game has been launched, after discovering they are highly likely to be drawn in by fraudsters targeting long-term pension savings. Research* has highlighted that only 43% of football fans approaching retirement knew how much was in their pension pot, but 76% knew the cost of football-related items, such as a season ticket.
The Financial Conduct Authority (FCA) and The Pensions Regulator have teamed up with football commentator Clive Tyldesley, to remind savers to check who they are dealing with before making any changes to their pension arrangements, to reject any unwanted offers and to get advice.
Clive Tyldesley commented, “Scammers are very good at breaking down your defences and putting you under pressure with various deadlines. But your pension isn’t a football transfer – there are no deadlines!… Before you fall foul to savvy scammers, remember to take your time, seek advice, and speak to an FCA-authorised adviser. Don’t agree to anything you’re unsure of.”
In the last three years, over £30m has been lost to pension scammers. Losses range from under £1,000 to £500,000, some rare cases have topped £1m.
*FCA, 2020
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
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
17th April, 2024
Spring Budget overlooks first-time buyers
It was a disappointing Spring Budget for anyone looking to get onto the housing ladder….
Read full insight
10th April, 2024
Investing in an election year
If elections have consequences, as Barack Obama said, then 2024 looks like being a highly…
Read full insight