Preserved final salary pension

Sash151

I am 45 and have a preserved final salary pension which was stopped 5 years ago. The value of my pension is £184,000 and I have been contacted by first review pension services to talk about transferring my pension into another scheme as this money is not working for me and I still have 20 years until I retire. Would you advice this or to leave it were it is and do you know if first review pension services are a reputable company? They are telling me I could increase my pot to £600,000 by the time I retire?
Regards
Sharon

Daniel54

They are not FCA regulated and cannot give advice.

Work on the basis it is a scam and have nothing to do with them

Alter_ego

My final salary pension kept pace with inflation while it was frozen. Not really working but no losing or at risk either.
Depends on your attitude to risk I suppose.

kidmugsy

Personally, I so hate the expression about money "working for me" that I wouldn't use them.

Secondly, I would observe that my pension is almost certainly being increased by index-linking: I would check my booklet (or the relevant website) to see exactly what index-linking I get.

Thirdly, I'd decide I'd never deal with a company that cold-called me.

P.S. "The value of my pension is £184,000": how do you know?

dunstonh

I have been contacted by first review pension services

Warning siren going off.....

as this money is not working for me

Which is !!!!!!!!. However, it is similar !!!!!!!! they told one of my clients when they used an example illustration from aviva to show that the plan was dropping in value (the low rate illustration shows a negative for example purposes - the plan was growing in reality).

Would you advice this or to leave it were it is and do you know if first review pension services are a reputable company?

They are not authorised by the FCA to give pension advice. They tell lies to consumers and sell them unregulated pension products and investments. They are also "known" to the relevant authorities. So, if you wish to report what you have been told to the FCA and action Fraud, then please do so as they are both after information on this company.

They are telling me I could increase my pot to £600,000 by the time I retire?

More like, lose everything you have.

Come on, you have been cold called and told !!!!!!!!. Surely you dont need anyone to tell you that you do not act on cold calls and that most are scams?

atush

Basically you were cold called by a scammer so they can get their grubby mits on your money. This money wont work for you oncd they have it- it will work for them.

In any case it IS working for you, getting uprated each year by the scheme rules. It will provide you an index linked pension for life. It is the corner stone of your provision.

What are you doing for a pension now? Contributing to...................?

Sash151

Contributing to my Work place pension.

Loughton_Monkey

Sash151 wrote: »

....Would you advice this or to leave it were it is and do you know if first review pension services are a reputable company? They are telling me I could increase my pot to £600,000 by the time I retire?
Regards
Sharon

Please read the repeated warnings all over the press and media. If you talk any more to them or (fatally) sign anything then you can kiss this money goodbye. They may well end up in jail, but that will not recover any money for you.

xylophone

You say that you have a deferred Final Salary pension.

Do you have a booklet about your scheme?

This will give details of how your pension revalues in deferment and increases in payment.

You mention the "value" of your pension - this is the CETV?

It would be extremely unwise to have anything to do with a cold caller.

http://scamsmart.fca.org.uk/

Sash151

Thanks everyone just as I though just needed to check. Cheers

KrytenIceCubeHead

There are going to be a heck of a lot of scams like this doing the rounds.