8 Effective Tips to Decide Whether or not you’re looking at a Pension Scam

October 12, 2016 | by | 0 Comments

scamThere are definitely some tips that you will need to keep in mind when it comes to avoiding a pension scam so you don’t get hundreds or even thousands of dollars taken from you by an unscrupulous individual.

  1. Beware Cold Calls

You will want to dismiss anyone who calls your home offering a free pension review because it is more than likely a scam. A lot of people have lost a lot of money this way, so you will therefore need to make a point of ignoring anyone who calls out of nowhere like this. The best possible thing that you can do in this situation is to just hang up on the person.

  1. Spread Your Investments Out

Another good tip to avoid getting caught up in a pension scam is to avoid investing all of your money in the same place, because doing so makes it much more likely that you will lose it all if things don’t turn out well for whatever reason. Whether or not you are investing in a scam, putting all of your money into a single investment probably isn’t the best idea. You will want to look for different investments that you can put your money into.

  1. Check Known Scams Online

If you are approached by someone with an investment opportunity that seems too good to be true, you will definitely want to make a point of going online to see if the person’s name or the details of the particular investment throw up any red flags. A lot of scams get reported online these days, so chances are that you will be able to find some information if the investment opportunity you are being offered is really just a scam. By taking the time to do this research, you could save yourself a lot of money and frustration.

  1. If an Investment Opportunity Seems too Good to be True, do your Research.

Those who are presented an investment opportunity with a potentially huge return and very low risk, especially if it is over a very short period of time, should do their research before putting down any actual money. If a certain investment opportunity sounds too good to be true, it probably is. You will want to take the time to do some research before going through with it.

  1. Don’t agree to something or sign up without talking to an adviser

The last thing you want to do is agree to or sign up for any kind of investment before you contact a trusted financial adviser that can provide you with a completely unbiased opinion. By taking the time to do this you will be able to significantly minimize your chances of falling victim to a pension scam.

  1. Do not succumb to pressure

It is also important to remember that scammers like to pressure the people they are trying to victimize, so you will not want to succumb to any pressure from anyone at all. If you feel like you are being pressured by someone who is trying to get you to hand over some money to them for an investment opportunity or any reason at all, you should cut ties with them immediately. You do not want to make a decision involving money because you felt pressured to do so.

  1. Avoid people who use certain phrases

You will want to avoid anyone who uses phrases like “legal loophole” or “guaranteed return” or “pension liberation,” because chances are they are just trying to scam you out of money. These phrases should always be considered red flags when you are talking to someone, especially if you don’t know them well.

  1. Check the “Pension Adviser’s” Credentials

Before you can take anyone claiming to be a pension adviser seriously, you will need some kind of proof that they are Financial Conduct Authority approved. The last thing you want to do is even speak with someone who is posing to be one of these officials. Make sure your adviser is listed on the Financial Conduct Authority’s website so you can be absolutely sure they are completely legitimate.

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