are they ok

edited 30 November -1 at 1:00AM in Pensions, Annuities & Retirement Planning
2 replies 734 views
panny300panny300 Forumite
109 Posts
10 Posts
got a £32,000 frozen pension which i have been considering taking,lump sum and small pension.
within a minute of putting the phone down after asking who i am currently with for a projection, i received a cold phone call from a different company asking if i would like my pension looked at (don't know if it was coincidence) they said they would see if it was performing or if it could be invested better and i would receive a free evaluation,they mentioned a firm called one stop as well.
so i thought why not.anyway they came and they were from a firm called genesis investments,they asked me to sign a form giving permission to approach the current investment company for details,and sign to say they had asked me certain questions.
they said that depending on the details they get back they can guarantee a certain percentage over so many years,they only use overseas investments.
anyone heard of these companys,are they ok

Replies

  • dunstonhdunstonh Forumite
    106.7K Posts
    Part of the Furniture 10,000 Posts Name Dropper Combo Breaker
    ✭✭✭✭✭✭
    got a £32,000 frozen pension which i have been considering taking,lump sum and small pension.

    The term frozen only applies to older style final salary pension schemes. Yet you mention £32k as a value. That doesnt fit with final salary pension schemes. Can you clarify what type of pension it is?
    within a minute of putting the phone down after asking who i am currently with for a projection, i received a cold phone call from a different company asking if i would like my pension looked at (don't know if it was coincidence) they said they would see if it was performing or if it could be invested better and i would receive a free evaluation,they mentioned a firm called one stop as well.

    There are quite a few of these cold calling companies around. The callers are rarely FSA authorised and are not the firm that would do the review. They sell your details onto another company or they share the commission on the product. There are also some scams that operate as well in this area. So, you should avoid at all cost. If you want a review then use a local IFA of your choosing. Decent and honest FSA regulated firms do not cold call.
    so i thought why not.anyway they came and they were from a firm called genesis investments,they asked me to sign a form giving permission to approach the current investment company for details,and sign to say they had asked me certain questions.
    they said that depending on the details they get back they can guarantee a certain percentage over so many years,they only use overseas investments.
    anyone heard of these companys,are they ok

    There is no firm of that name on the FSA register and the fact they are offshore should put you on guard straight away. Virtually all the scams on pensions use overseas companies and are not regulated by the FSA. Scams tend to play to your greed to try and blind you from the obvious. One such method is to promise guaranteed returns of a high amount when in reality there is no such guarantee possible but by the time you find out the company has long gone and as they were not FSA regulated, you get no consumer protection. Worst case scenario is that you kiss goodbye to the pension outright.
    I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
  • SeniorSamSeniorSam Forumite
    1.4K Posts
    Part of the Furniture Combo Breaker
    ✭✭✭
    panny300 wrote: »
    got a £32,000 frozen pension which i have been considering taking,lump sum and small pension.
    within a minute of putting the phone down after asking who i am currently with for a projection, i received a cold phone call from a different company asking if i would like my pension looked at (don't know if it was coincidence) they said they would see if it was performing or if it could be invested better and i would receive a free evaluation,they mentioned a firm called one stop as well.
    so i thought why not.anyway they came and they were from a firm called genesis investments,they asked me to sign a form giving permission to approach the current investment company for details,and sign to say they had asked me certain questions.
    they said that depending on the details they get back they can guarantee a certain percentage over so many years,they only use overseas investments.
    anyone heard of these companys,are they ok

    I do hope you did not sign anything for them as it may be an authority to transfer your pension. If you did, cancel it and contact your pension provider to tell them to ignor any request from that company................... do that immediately.

    Consult an Independent Financial Adviser

    Sam
    I'm a retired IFA who specialised for many years in Inheritance Tax, Wills and Trusts. I cannot offer advice now, so my comments are just meant to be helpful.
This discussion has been closed.
Latest MSE News and Guides

Energy price cap could be extended beyond 2023

New plans have just been announced by the Government

MSE News

Cheap contents insurance for tenants

DON'T assume your landlord covers you

MSE Guides

Summer sizzlers round-up

Incl £2ish sun cream & £1.50 disposable BBQs

MSE Deals