Free pension review. The pension clinic

aingerc

Hi,

I was cold called today by the pension clinic offering to review my 3 frozen company pensions. They claim to be able to uncover hidden costs and offer advice on improved ways to invest. They also claim they do not sell any products, that their advice is entirely without any obligations. I'm 43 and about to be made redundant so will have a 4th frozen pension. Advice would be welcome but TBH I'm always wary of something that looks to good to be true actually being too good to be true! Has anyone been approached and used these people? Any feedback to share?

Thanks in advance

Chris

atush

Regulated companies are NOT ALLOWED to cold call.

So why would you entertain t he notion of going with these people? Who would possibly pass you on to someone who would arrange unregulated unsafe investments?

First of all, your 3 pensions are most likely not 'Frozen'. But growing with either the investments within, or by a set % each year until retirement.

Sure the charges may be high- we dont know (nor do the cold callers- they might be low too). We might if you gave us the information from your latest statements. Dont have any? Call teh companies and ask for some.

Then if you watnt o have the reviewed, visit a local IFA (unbiased.co.uk) and find someone who is regulated to talk to about them.

dunstonh

They claim to be able to uncover hidden costs and offer advice on improved ways to invest.

BS

They also claim they do not sell any products, that their advice is entirely without any obligations.

Ignoring the fact that Govt, regulatory, pension ombudsman and everyone else says that you should never act on cold calls offering free pension reviews........

http://citywire.co.uk/money/fca-warns-over-free-pension-review-cold-callers/a752403
https://www.pensionwise.gov.uk/scams
https://www.fca.org.uk/consumers/financial-services-products/pensions/protect

1 - couldnt find them on the FCA register - so they are not authorised by the FCA to give advice on pensions
2 - if its free, then how do they earn money?
3 - if they are not regulated then they cannot give pension advice (if the pensions are frozen then this indicates they are final salary schemes and that needs a specialist qualification and permissions from the FCA)
4 - Genuine financial services companies do not cold call. Most cold calls on pensions tend to be scammers.
5 - If you have frozen pensions then this indicates they are defined benefit and charges are not an issue. So, comments about hidden charges are bogus.

This company has only just started trading (according to companies house). The company name is the sort of one that puts you on guard as it is fairly generic and easily lost in internet searches. Another negative, it clearly shows they are targeting pensions. Whilst most IFAs will not have such limitations (and this company is not an IFA)

Here are the names of the directors:
WAQAR AHMED Director 2015-02-26
AURANGZEB IQBAL Director 2015-02-26
RAB NAWAZ Director 2015-02-26

Past company history makes interesting reading (no financial services experience)
http://www.datalog.co.uk/browse/detail.php/CompanyNumber/09460747/CompanyName/THE+PENSION+CLINIC+(UK)+LIMITED


Basically, if you want advice then use an adviser. Never act on cold calls.

gadgetmind

And trading from what looks like a residential property in Leeds. I wonder if they council yet know about that change of use.

chris_m

General rule of thumb - ANY call from any company/outfit with whom you do not already do business (or have previously done business) and whom you have not contacted to prompt the call should be treated with suspicion.
That works for me, combined with my call blocker which stops them calling more than once.

aingerc

Thanks folks,

You're all thinking along the same lines as me.

I wonder specifically whether anyone has experience with this company; " The Pension Clinic". How do they operate?

Thanks

Chris

jamesd

Usually such firms operate in one of two ways:

1. Sell your personal information to the highest bidder adviser, who will charge to do anything. The sale is usually after saying it's best to transfer whether it is or not and whether it is possible or not. Anything to get you to the point where you sign the contract so they can get paid.
2. Get you to sign forms that would allow a pension transfer and use those forms to transfer to fraudulent companies from which they steal your money.

In general you have no way of knowing which type any particular cold caller is and don't even know that the business name matches the person who's really calling you.

dunstonh

I wonder specifically whether anyone has experience with this company; " The Pension Clinic". How do they operate?

They have only just started trading and they are unregulated. Do, you really need to know any more?

mgdavid

aingerc wrote: »

Thanks folks,
You're all thinking along the same lines as me.
I wonder specifically whether anyone has experience with this company; " The Pension Clinic". How do they operate?
Thanks
Chris

did you read post #3?
what more could you possibly want to know?

jamesd

If you want a free pension review tell us here about your pensions. We won't scam you or lie to you and won't make any money from them whatever you do.

aingerc

Thanks all,

Dunstonh and mgdavid; I agree but that doesn't stop me being interested. IF there is a scam I'm intrigued to know how it might work. Forewarned is firearmed after all.

To our your minds at rest I am NOT working with these people or any similar companies.

Chris