Pension Charges

andyharding72

I've just recieved a call from a company called Money Return suggesting I may be being overcharged for my pension by my provider and they can help me get some charges refunded.

It looks like a legitimate statement based on a google search. Has anyone else got experience of this company and whether the service is worth looking into.

Aegis

If you didn't ask for a call from them, avoid. Legitimate companies don't cold call, as a general rule.

If you want an organisation to review your pensions, seek one out.

dunstonh

That company is not authorised or regulated by the FSA and is not in a position to give any advice on the suitability of the pension contract you have.

They say on their website "Which is why a Money Return free financial review makes so much sense." That statement would mean that they are acting unlawfully as you need FSA authorisation to do that.

They are an ambulance chaser/complaints generator. Not financial advisers. Looking at their site, I get the impression they take your information and pass it on as introducers (e.g. Will writers or other firms who can transact in those areas).

Chances are they will generate a complaint using a template letter and at the same time refer you to someone who will then recommend transferring your pension and taking a commission from it. Purely a guess based on others which do the same.

Remember just in the last two weeks, it has been reported that upto half the complaints generated by claims companies are fraudulent. The ministry of justice is now investigating this. If you need your pension reviewed then get an IFA to look at it. They are authorised and regulated to give you that financial review.

There is another thread here: https://forums.moneysavingexpert.com/discussion/3876797 that throws up concerns due to the under 55 age comment (a lot of the pension scams target under 55s for pension liberation scams and returning money from your pension - cant say that is what is happening as that person stopped adding to the thread before we got any detail but it is enough to put you on guard)

Loughton_Monkey

andyharding72 wrote: »

I've just recieved a call from a company called ..........

In the context of Financial Services, you should do only one thing, and that is slam down the phone.

If, instead, you listen and follow up, then you will lose a lot of money quickly.

CannySaver_2

Hi

Agree 100% with Dunstonh, just avoid them!

They are not regulated except by the "Ministry of justice", (bottom right hand corner of their site) which I assume is a joke.

Avoid cold callers when it comes to financial matters, sure a small number might be legit and just trying to build their business fairly, but the vast majority are just out to line with own pockets; safer to have a blanket rule that you never take financial advice from a cold caller.

If you get a cold call, politely put the phone down and move on to a legitimate IFA, which you can easily find on www.unbiased.co.uk

The Canny Saver

andyharding72

To all of those who responded, many thanks. A unanimous consensus - a very clear steer to not proceed.