Page 43 - Property Portfolio - September 2019

the UK government in January, many scams still or on any warning lists. You could also look
start this way. As well as an unsolicited call or for consumer reviews, ask around your local
text, you could be contacted in person, online or community and follow up references.
by mail.
3. Never sign anything under pressure and
Other tell-tale signs include: without fully understanding what you are
• Offers to access to your pension before the age getting into.
of 55 (‘pension liberation’).
• Unusually high and/or guaranteed returns. 4. Take quality professional advice. Regardless of
• Time-limited offers and cash incentives (e.g. whether you remain UK resident or not, use a
‘commission rebates’). provider who is authorised and regulated for
• Exotic investment opportunities – recent the conduct of UK pension business by the
examples include plantations, storage pods, Financial Conduct Authority.
biofuels and even truffle trees.
Securing quality advice
Remember: no investment is guaranteed, and Even with authorised advisers, take care to
once you have signed over your pension, it is check for quality. Make sure your pensions
too late. You could not only lose your funds, adviser carries out a high level of due diligence
but potentially face a UK tax bill of 55% (plus and communicates clearly about your range
penalty fees) for breaking the rules. of options – and the associated risks – while
being transparent about costs. They should take
Also, take note that many unregulated account of your particular needs, objectives,
companies offer pension services. Whether they personal circumstances and risk appetite to find a
aim to defraud you or not, these are unprotected solution that is right for your retirement needs.
investments that provide no compensation if
things go wrong. For expatriates, it will be beneficial to talk to an
adviser with experience of the tax rules in both
Four key ways to protect yourself the UK and Spain to take advantage of locally
1. Beware of anyone you don’t know contacting compliant, tax-efficient opportunities.
you out of the blue for a pension review,
whether by phone, email, online, mail, on It can only take a moment to lose a lifetime of
social media or in person. savings, but with careful planning and quality,
expert advice, you can both protect and make the
2. Thoroughly research who you are dealing with most of what you have for years to come.
before giving out your details, and certainly
before changing your pension arrangements. This article should not be construed as providing
Check the ScamSmart website – www.fca. any personalised investment advice. You should take
org.uk/scamsmart – and the online FCA advice for your circumstances.
register to confirm if an adviser is regulated

Keep up to date on the financial issues that may affect you
on the Blevins Franks news page at www.blevinsfranks.com

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