Rogue pension scheme warning

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Lincolnshire Trading Standards is warning people about rogue companies offering to reinvest frozen pensions.

To report an incident contact Trading Standards on 01522 782341.

They received a complaint from a resident in Cherry Willingham, near Lincoln, to say that in April, she received a telephone call regarding a frozen pension scheme. Following that telephone conversation a representative from the company visited her on July 4.

The victim listened to the salesperson and, tempted by the sales patter, gave her permission for him to transfer her pension and for them to reinvest it.

Having heard no more from the company, the victim tried to contact them using the telephone number provided but there is no answer. She is therefore becoming increasingly concerned that she has lost her money.

Angela Kane, senior trading standards officer, said: “We have not received any further reports of this currently but this is an opportunity to remind people to never give out financial or personal information to a cold caller. We would encourage people to seek financial advice from an approved third party financial advisor, before making any decisions on pension transfers or investments. You should never feel rushed into moving your pensions and investments.”