View more on these topics

Pension freedoms: stop the scams

At the beginning of 2015, we highlighted that the new pension freedoms that come fully online on 6 April also represent a very attractive opportunity for the criminal fraternity to scam savers out of some, or all, of their accumulated retirement savings.

With so many potential scams just over the horizon, it’s going to be important that employers alert their employees to the potential dangers of such scams, and how best to avoid them.

It’s also likely that employers will be well placed to spot new scams and scammers that may be targeting their employees. But what should an organisation do if they feel that they have witnessed a scam (or potential scam) and/or want to avoid others being sucked into the same trap?

The best place for employers (and by extension their employees) to start would be www.pensions-scams.com.

Other useful places to visit include:

The Pensions Regulator (TPR): A useful link from the above site — and one that you can also share with your employees — is this downloadable leaflet.

Financial Conduct Authority (FCA): Although not solely dedicated to pension scams (other financial scams are also available), this is nevertheless a useful starting point if you think your employees are being contacted by scammers. The web page Protect yourself from unauthorised firms includes not only a checklist to help protect consumers, but also a link to a register of ‘firms’ to avoid (in alphabetical order): Unauthorised firms to avoid.

There is also a section to report unauthorised firms that may be operating in this space: Report an unauthorised firm.

We encourage all employers to (at the very least) share these links with employees. One email could make all the difference, and prevent one or more of your staff making a potentially disastrous and irreversible decision.

Should you have any queries, please speak to your usual Jelf pensions consultant in the first instance.

Recommended

Regulation, book

Small mutuals use transitional rules to gain from big lenders

Small building societies are using the MMR’s transitional arrangements to mop up business from bigger lenders. Last week, Ipswich and Melton Mowbray building societies publicly stated they were using the transitional arrangements to target borrowers from other lenders, as the rules allow. The FCA introduced the transitional arrangements within the MMR to help borrowers who […]

Identifying best-in-class UK stocks — Mark Martin, Neptune UK Opportunities Fund

FE Alpha Manager Mark Martin assumed management of the multi-cap UK Opportunities Fund at the beginning of February. As manager of the highly regarded UK Mid Cap Fund, Martin has begun restructuring the new portfolio to focus on our very best UK stock ideas from across the FTSE All-Share Index. In this video, update Martin addresses:

– Themes informing the UK Opportunities Fund
– The multi-cap structure of the fund
– UK equity valuations

Nigel-Stockton-whitebg-700.jpg

Taking Stock: Lenders get the message on proc fees

Haven’t there been some excellent debates within our industry recently? More evidence, if it were needed, that the market goes from strength to strength. The proc fee discussion has been interesting, with lenders beginning to acknowledge that brokers are taking the advice fee risk and that the extra time spent on an application is valuable […]

Paul-Broadhead-Binders-700x450.jpg

Building societies lose market share

Building societies saw their share of the UK mortgage market fall in 2014 despite an increase in gross lending, figures show. According to the Building Societies Association, mutuals advanced a total of £52.6bn last year, equating to 26 per cent of the £204.4bn advanced by all mortgage lenders in 2014, as reported by the Bank […]

Newsletter

News and expert analysis straight to your inbox

Sign up