Can you spot a scammer?
There has been a big increase in pension scams over recent years, with scammers using complex methods to trick people out of their hard-earned pension savings.
It has been reported that between 2020 and 2022, in England and Wales:
1,595 pension scams were reported.
Over £26.4 million has been lost to pension scams.
The average amount stolen in a pension scam is £16,500 and often is someone’s entire pension savings.
Nearly 1 in 200 people report being a victim of a pension scam.
Scammers are often convincingly professional, with credible websites and materials that it’s hard to distinguish from the real thing. Their aim is to persuade savers to either transfer their entire pension savings or release funds from it, often to a scheme that the scammer controls.
As scammers are consistently targeting members of Defined Benefit pension schemes, which is what the GE HealthCare Pension Plan is, it’s important that you can spot the warning signs.
Warning signs include:-
promises of guaranteed higher investment returns on savings
free ‘pension reviews’ or ‘pension health checks’
the ability to access your pension before your minimum pension age (which for most members will currently be age 55 and will rise to age 57 from 2028).
time limited offers, forcing you into a quick decision or sending couriers to deliver documents who wait whilst you sign
out of the blue contact – cold calling about pensions is illegal.
being persuaded to confirm your pension or bank details over the phone or by email.
The above list is not exhaustive so it’s important that you remain vigilant. We don’t want to cause alarm or worry amongst our members, but we do want to ensure you are equipped with the knowledge to keep you safe.
When it comes to making any decision about your pension, here are four steps to keep your pension safe.
1. Reject any unexpected offers.
If you are contacted out of the blue, it is likely to be a scam. Be wary and reject any unexpected offers. If you are suspicious of anything you can report it online to Action Fraud. You can also do this by calling 0300 123 2040 during 8am to 8pm, Monday to Friday.
2. Check the FCA Register
You should only deal with the Financial Conduct Authority (FCA) registered firms or individuals so check the FCA register if you intend to deal with any individual or organisation when it comes to your money. If you need help checking the register, you can call the FCA’s helpline on 0800 111 6768 (or +44 207 066 1000 if calling from abroad) during 8am to 6pm, Monday to Friday and Saturday 9am to 1pm.
Also, make sure the firm or individual is not a ‘clone’. A common scam is to pretend to be a genuine FCA authorised firm. Check their contact details on the Financial Service Register – don’t assume the ones they have given you are correct.
You can also check the FCA warning list to find details of unauthorised firms and individuals that the FCA are aware of, that aren’t allowed to operate in the UK.
3. Don’t feel pressured into making any quick decisions.
Making any decision when it comes to your pension is a big one and warrants time and consideration. You should never be pressured into making a decision and be given the time you need to carry out all your checks before making your decision. Please be wary of any promised returns that sound too good to be true, or any time-limited offers – these are most likely a scam.
4. Get financial advice (from an FCA registered organisation or individual).
Before making any decision about your pension, it’s always a good idea to speak to a financial adviser who can help you with this – and check that they are FCA registered.
We especially advise that you do this if you are thinking of transferring out of the Plan.
If your pension benefits are worth more than £30,000, you legally have to take impartial financial advice if you want to transfer out of the Plan.
Financial Advice from Origen Financial Services.
To help you with your retirement planning you are able to benefit from one free financial advice session with our appointed Financial Adviser, Origen Financial Services as long as you:
Are eligible to start drawing your pension or will be within the next 12 months.
Are a UK resident.
Have a transfer value in excess of £10,000.
Read more about your Retirement Options and getting financial advice paid for by the Trustee.
Important: Please read!
The Trustee have been made aware that there are other Financial Advice organisations who are promoting their services to members of GE Pension Plans.
We’d like to remind you that we have appointed Origen Financial Services to help you with your retirement planning, and that they have a full understanding of the Plan. You can choose to use your preferred financial adviser but please ensure that they are FCA registered.