Amass Ltd..

solchain

Not sure if I have posted this in the correct place, but my mum mentioned that she has tried to release some of her pension, when I asked more questions I discovered that she was cold called, this set alarm bells ringing, but tbh I don't know what I am looking at.

Could anyone tell should I be worried that the two companies that she seems to be dealing with are Amass Ltd (amasseurope.com) and Avalon SIPP Trustees Limited?

Its probably nothing, but she will bury her head in the sand.

She has signed paperwork, and she has said I can read her emails if I need anymore info.

Thanks for any advice.

PeacefulWaters

If she was cold called it stinks.

dunstonh

I discovered that she was cold called

Usual alarm bell as genuine companies dont cold call.

ould anyone tell should I be worried that the two companies that she seems to be dealing with are Amass Ltd (amasseurope.com) and Avalon SIPP Trustees Limited?

The investments are what matter. Are they mainstream or unregulated rubbish?

Were cost comparisons made and provided?

solchain

PeacefulWaters wrote: »

If she was cold called it stinks.

Agreed which is why I posted, I was kind of hoping for a bit more, things I should be aware/look for?

jamesd

If she is 55 or older she doesn't need pension liberation companies to get money out of any money purchase pension, including AVC, personal pension or SIPP. It's her legal right to do so under standard pension rules.

So if you can tell us what she has we can tell you how to cheaply get at it without fraud risk and without paying large amounts to possible scammers who could put the money at risk as well as overcharging.

She was cold called. That's enough to know that she should tell the firms that she withdraws all authorisations from them and then stop all contact. She should also tell her existing pension companies that she may be subject to pension transfer fraud and that they should not transfer out money without directly contacting her to ensure that she's aware of the individual requests.

The use of Amasseurope is verify worrying because they are based in Cyprus and so are beyond FCA regulation. She could lose all of her money with no protection or redress at all. Environmental investments like those they are promoting are also a hot area for investment scams.

The Avalon use itself is not a problem because that firm offers SIPPs that can handle unusual and uncommonly appropriate investments. It's the use in conjunction with Amasseurope that makes it a risk. It it was standard investments it'd be OK, though completely inappropriate when all she wants is money out of her pension if she's 55 or older. Because that's just routine at lower cost from many places. Avalon themselves aren't bad and some well known ad legitimate places use the firm.

It's vital that she alerts her existing pension companies as soon as possible to tell them to block transfers. The best possible result for her at the moment is rip-off charges. The worst is losing all of the money.

greenglide

Overseas operations, seemingly dealing in QROPS and similar it seems very much as though they are not the kind of place I would want holding my pension.

Can you stop the transaction? I most certainly would.

solchain

dunstonh wrote: »

Usual alarm bell as genuine companies dont cold call.



The investments are what matter. Are they mainstream or unregulated rubbish?

Were cost comparisons made and provided?

Wow thanks for replying - I am so out of my depth already.

Not sure if I should be more worried that it all looks so genuine.

They both seem to be regulated, it is referring to a sipp pension, which she is look to take a cash withdraw from, and that may require a eps withdraw - no idea what any of that is or means.

Who could I advise her to speak to, a local financial adviser or citizens advice?

solchain

Seems that everyone feels the same, I really don't know how to proceed which is why I think I need to speak to someone else.

I am not sure if she has already transferred it worryingly?

sleepless_saver

You've had good advice already, but if you need more see this link from the government's Pensionwise site about scams . This warns against the scenario you describe.

If she wants to cancel the agreement she should act fast.

How old is she?

jamesd

solchain wrote: »

Not sure if I should be more worried that it all looks so genuine.

Scammers are known to use the names of legitimate companies. Just because someone says they are from a company does not mean that you can trust that they really are. There really is a legitimate company called Avalon and calling them can at least establish that they know of her so they are involved.

However, the Amasseurope use is extremely worrying because it is completely unnecessary to use such a firm just for a person who is 55 or over to get money out of a SIPP. If she isn't at least 55 the penalties for getting money out are large and charged by HMRC long after the money is paid, quite likely 55% plus of all money she gets, after the charges of the places doing it. Under 55 is a prime area for fraudsters, though they also target people 55 and older who don't know about the rule changes from 6 April 2015.

So is she 55 or older? If so the cost to get money out is £0 from plenty of companies. From 55 onwards she can get out the whole pot if she wanted to. 25% tax free, the rest added to her normal taxable income. And yes, really with no charge at all from some places for doing that. Even before April this year 25% tax free and about 6% of the rest a year was cheap and easy for those aged 55 and up.

solchain wrote: »

They both seem to be regulated, it is referring to a sipp pension, which she is look to take a cash withdraw from, and that may require a eps withdraw - no idea what any of that is or means.

EPS may mean executive pension scheme, something that would be completely inappropriate for a person 55 years or older who just wants money from a SIPP.

solchain wrote: »

Who could I advise her to speak to, a local financial adviser or citizens advice?

To the pension company or companies where her money is now. Very urgently to tell them to block transfers out. If they offer 24/7 service do it now, if not, do it the first thing in the morning. Once the money if out of the current schemes it becomes hard to impossible to get it back.

After contacting the existing places she can try contacting Avalon and telling them that she does not want to proceed and they should not start any transfers out of the pension(s) and if they already have any money from hers they should return it to the scheme it came from, not pay it out to any new place.

It's entirely possible that she has only hours to save her whole pension pot from being lost. Get moving with contacting the original pension companies as soon as possible.

Remember, if she's 55 or older it is free to get access to her whole pension pot if she wants to, without any use of obscure-sounding schemes or companies. It's completely routine and doesn't take obscure arrangements or high fees.

jamesd

The Pensions Advisory Service has a cheap 0300 number to call for advice.

Tell them that the posters at moneysavingexpert are telling her that it looks like scam and are telling her to contact her existing pension companies to block transfers out.