Pension Justice.

The_Economist

So I get asked about have I got a private pension etc etc.
Got told about some new theory about if I'm getting charged more in administrative fees than earning interest on my pension pot there might be some (want for a better word compensation). Or maybe could get better advice on investing said pot to pay less in admin fees and earning more interest.
Questions
1) Is this a scam!
2) Is this another miss selling of pensions be it private or final salary!
3) Confused can anyone offer any advice.........


Many Thanks.

jem16

The_Economist wrote: »

So I get asked about have I got a private pension etc etc.
Got told about some new theory about if I'm getting charged more in administrative fees than earning interest on my pension pot there might be some (want for a better word compensation). Or maybe could get better advice on investing said pot to pay less in admin fees and earning more interest.

Pension funds don't generally pay interest.

Questions
1) Is this a scam!

Yes.

2) Is this another miss selling of pensions be it private or final salary!

No.

3) Confused can anyone offer any advice.........

Run away and don't look back!

The_Economist

Thanks Jem16 have read many of your posts before.


When they said about interest being paid I think that was just a phrase that would catch most peoples attention. (Alarm bells should off rang) but I thought lets see where they are going with it. That was until they got into personal detail questions then it was time to hang up.


Is it a scam? Mmmmmmmmmmmmmmmm probably but they got my attention in the beginning because of the nature of the situation.


Run away!
Done, but it does beg certain questions on the whole pension issue!

atush

Dont fall for these scams. Look at your pension ( I assume you have one). See what it is invested in (should not be cash). See/ask the charges for both the funds and the AMC.

Chances are, if this is an old pension set up decades ago, you can get a cheaper, better version. But you dont use a scammer. You DIY at Cavendish.com or you hire an IFA (unbiased.com) to do it for you.

The 'compensation' you will then get, is better performance due to lower fees.

dunstonh

When they said about interest being paid I think that was just a phrase that would catch most peoples attention.

You dont tell lies to attract peoples attention unless you are planning to scam them or act in an unprofessional way. Either is not what you want.

1) Is this a scam!

if its a cold call then yes. Legitimate companies do not cold call. Plus, unless a cost analysis is carried out, how do they know how much it is being charged and how it is performing.

I came across one of these scams during the week (second one this year) and the person used the lowest projection on the statement to try and present that the pension was losing money (the three projection rates are example rates only - not reality). There was no cost analysis. Just lies said.

2) Is this another miss selling of pensions be it private or final salary!

No. The legitimate companies are not doing this. It is being done by unregulated companies who are not complying with the law.

Done, but it does beg certain questions on the whole pension issue!

Just assume every cold call you get is a scam. It doesnt matter if its pensions or whatever.
http://www.moneymarketing.co.uk/news-and-analysis/pensions/why-has-the-fca-failed-on-unauthorised-pension-switching/2011786.article

Check that the firm giving advice is on the register: https://www.fsa.gov.uk/register/firmSearchForm.do
If they are not, then they are acting unlawfully.

jem16

The_Economist wrote: »

When they said about interest being paid I think that was just a phrase that would catch most peoples attention. (Alarm bells should off rang) but I thought lets see where they are going with it. That was until they got into personal detail questions then it was time to hang up.

It's usually just a phishing technique. If they have to ask questions they're not legitimate.

Run away!
Done, but it does beg certain questions on the whole pension issue!

No more questions that all the CPI, PPI calls and your Windows computer has a virus calls. They're all trying to trick the unwary into parting with their money.