Pension cold-calling to be banned from January - MSE News

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  • Former_MSE_Naomi
    Former_MSE_Naomi Former MSE Posts: 519
    Second Anniversary First Post I've been Money Tipped! Newshound!
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    Pension cold-calling has been made illegal from today, in a bid to tackle pension scams - here's what you need to know...
    Read the full story:
    'Pension cold-calling banned from today'
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    Click reply below to discuss. If you haven’t already, join the forum to reply.
  • Paul_Herring
    Paul_Herring Forumite Posts: 7,480
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    .. and not a thing was seen to be different...
    Conjugating the verb 'to be":
    -o I am humble -o You are attention seeking -o She is Nadine Dorries
  • dunstonh
    dunstonh Forumite Posts: 114,278
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    And we expect scammers to follow the law?
    I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
  • Aegis
    Aegis Forumite Posts: 5,640
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    It will be interesting seeing how long it takes for the first person to report that they have been cold called today about their pension.


    By lunchtime?
    I am a Chartered Financial Planner
    Anything I say on the forum is for discussion purposes only and should not be construed as personal financial advice. It is vitally important to do your own research before acting on information gathered from any users on this forum.
  • Silvertabby
    Silvertabby Forumite Posts: 8,566
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    edited 9 January 2019 at 1:06PM
    dunstonh wrote: »
    And we expect scammers to follow the law?

    ... and do we expect people with £ signs in front of their eyes to apply due diligence?

    Conversation with a LGPS deferred member:

    DM: Hello - you've texted me to say that I can cash in my pension. Yes please, how much and how soon can I get the money.

    Me: We never text pension fund members - we don't have that facility. Be careful - the text will be from scammers after stealing your pension.

    DM: But it must be from you - no-one else knows that I have a pension.

    Me: The scammers will have bought a list of mobile phone numbers and sent that same text to Ks of people knowing that many will have pensions. (Looking at member's deferred record..) You are only in your 30s, so you won't be able to access your LGPS pension before age 60. (This was before the recent rule change allowing access from 55). Anyone who tells you that you can cash it in now is a scammer and a liar. (Did touch on access due to serious ill health, but DM confirmed that she was fit and healthy - just skint).

    DM: Well, it must be possible or they wouldn't have texted me. I could really do with the money now, so I'm going to call them back......
  • kangoora
    kangoora Forumite Posts: 1,193
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    ...

    DM: Well, it must be possible or they wouldn't have texted me. I could really do with the money now, so I'm going to call them back......

    You can't fix stupidity
  • dunstonh
    dunstonh Forumite Posts: 114,278
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    I had someone like that. I arranged his pension on a transactional basis a number of years in the past. Low cost and simple in a mainstream multi-asset fund. Then a number of years later the provider called me to say they had a transfer out request. Between us we found out it was one of these "unlocking" companies. I phoned the guy up and he told me he was getting early access. I told him he couldn't lawfully and explained what was actually happening. He got angry with me and told me to go away with words that would be filtered here and hung up on me.

    About 4 years later, he rang me and left a message saying he had a letter from HMRC about his pension and they wanted money he didn't have. I didn't respond and I never heard from him again after that.

    People often only want to hear the positives and ignore those that point out warnings or issues. They believe the scammers because they tell the person what they want to hear.
    I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
  • Albermarle
    Albermarle Forumite Posts: 18,745
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    I was listening to another example today ( on the radio) of someone who had been taken in .
    He had transferred £60K from a pension 'that wasn't doing anything ' ( whatever that means ) to an investment in building children's care homes , promising 15% a year . Of course him and a few hundred others lost everything.
    Apparently the salesman was 'very believable '
  • Silvertabby
    Silvertabby Forumite Posts: 8,566
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    edited 9 January 2019 at 10:34PM
    Albermarle wrote: »
    I was listening to another example today ( on the radio) of someone who had been taken in .
    He had transferred £60K from a pension 'that wasn't doing anything ' ( whatever that means ) to an investment in building children's care homes , promising 15% a year . Of course him and a few hundred others lost everything.
    Apparently the salesman was 'very believable '


    Another LGPS deferred member got a right snit on because we wouldn't transfer her (substantial) pension to a South American teak plantation scheme - which would pay her a guaranteed 100% per year. After threatening to sue the LGPS for her 'losses' she later transferred to a (legit) UK personal pension scheme. Don't know what she did after that.
  • roddydogs
    roddydogs Forumite Posts: 7,473
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    Its already illegal if you on tps, as im guessing most of us are. Dosent stop anything.
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