Has anyone heard of Preferred Pensions? Worried it's a scam

Happykat1972

Hi, I have 2 frozen pension funds from previous employers. I have recently been contacted by a company called Preferred Pensions who say they could move my pensions around to get me more money.
I do not have a clue about pensions, and I don't want to get done.
Does anyone know if they are legit, and if I should give them some consideration?

Your_Hero

Happykat1972 wrote: »

Hi, I have 2 frozen pension funds from previous employers. I have recently been contacted by a company called Preferred Pensions who say they could move my pensions around to get me more money.
I do not have a clue about pensions, and I don't want to get done.
Does anyone know if they are legit, and if I should give them some consideration?

Best thing you can do is to ignore them and tell them you are not interested any more.

If you really want to review your pensions you should find a legitimate Independent Financial Adviser (IFA) from www.unbiased.co.uk. IFAs are authorised and regulated by the FCA to give you maximum consumer protection. You have to pay fees for their services.

Normally you can check if a company is FCA authorised from here: http://www.fca.org.uk/register/ but the website is currently down.

Linton

If they cold-called you dont have anything to do with them. Reputable regulated financial companies dont cold-call. Preferred Pension is not on the FCA register and so there is no consumer protection.

dunstonh

I have 2 frozen pension funds from previous employers.

Frozen is a very misused word with pensions. Very few pensions are actually frozen. Most of them would be deferred or paid up depending on type. Only a minority would be frozen.

I have recently been contacted by a company called Preferred Pensions who say they could move my pensions around to get me more money.

And they know that despite knowing nothing about your existing pensions?

Cold calling is not carried out by legitimate investment companies. Cold calling scams are widespread at the moment. These are unregulated companies telling people lies to get them into unregulated investments that typically go on to fail.

Guide to cold calling: http://www.fca.org.uk/firms/being-regulated/meeting-your-obligations/firm-guides/advice/cold-calling

Warning from FCA about cold calling pension reviews:
http://www.fca.org.uk/consumers/financial-services-products/pensions/protect

There is a company called preferred pension on the FCA register but they themselves are not allowed to carry out regulated financial advice (they can sell your details onto others). However, their website indicates they deal on SSAS and SIPPs and this is a high risk area. For a firm that is not regulated by the FCA in anything other than introducer, there is an awful lot of text on their website which is misleading and potentially something the FCA may be interested in (such as it worded that they carry out the reviews and not a third party).

If you want a review then use a local firm that appears onm the unbiased register. Unbiased check the qualifications, that they are FCA regulated and have a statement of professional standing

atush

Basically, legitimate companies are NOT allowed to cold call you.

So stay away from these people.

PensionTech

I'll borrow a phrase used by someone else previously on this forum:

Preferred Pensions are known to us and are on our "take extra care with" list.

Firemunchkin

I had a phone call from Preferred Pensions this morning, saying that following a HMRC review they had established I have some 'frozen' pensions and would I like some help in releasing these or transferring them. I don't doubt that what he said about being able to transfer my old pensions is true (I've seen the MSE article) but I'm not sure about giving them any personal information.

I asked if he could email me something and he said he couldn't (not totally unheard of from reputable companies, but a little niggle) and directed me to their website. It's plainly: preferredpensions.

Before I go ahead and use this company - has anyone else heard of this company and/or used them?

Linton

the same question was asked last week - see here.

dunstonh

following a HMRC review

There has been no such review but it is a common scam to claim things like "government reviews" or "regulator has asked us to review....." blah blah.

PensionTech

If you are - I quote - "worried it's a scam", then stay away. You would not take out a mortgage for a house that you are "worried is going to fall down" or buy a car that you are "worried is going to explode". It's not normal for a legitimate investment/transfer/pension etc. to look like a scam. I am not saying that it necessarily is one - but why would you take that risk when there is a whole market of easily verifiable legitimate pension products?

atush

Firemunchkin wrote: »

I had a phone call from Preferred Pensions this morning, saying that following a HMRC review they had established I have some 'frozen' pensions and would I like some help in releasing these or transferring them. I don't doubt that what he said about being able to transfer my old pensions is true (I've seen the MSE article) but I'm not sure about giving them any personal information.

I asked if he could email me something and he said he couldn't (not totally unheard of from reputable companies, but a little niggle) and directed me to their website. It's plainly: preferredpensions.

Before I go ahead and use this company - has anyone else heard of this company and/or used them?

did you actually read posts 1-6?

Cold Call= NO