An Aberdeen law firm has issued advise on how to avoid pension scams.
Aberdein Considine published the advice on its website on how people can ensure they don’t fall victim to fraudsters and scam artists looking to steal your pension.
A statement said: “When looking for advice relating to retirement planning, it is imperative that you seek advice from someone regulated by the Financial Conduct Authority (FCA).
“This ensures that they are qualified and authorised to give you advice and that you are protected under the Financial Services Compensation Scheme (FSCS).
“There are companies offering ‘excellent’ investment opportunities, access to pension before age 55 and pension loans which unfortunately are too good to be true.
“In addition to potentially losing your life savings, you may also face an unauthorised payment tax charge from HMRC for entering into unregulated pension plans.”
The firm advises being wary of companies offering access to pension funds before the age of 55, as well as “once in a lifetime” investment opportunities and transferring funds overseas.
Aberdein Considine added: “If you are unsure if you have been or are being targeted by such a company, you can contact Action Fraud to clarify.
“To ensure that you receive, authorised advise, make sure that your financial adviser is authorised by the FCA. All advisers can be found at
“Don’t rush into any decision as any action you take is likely irreversible.”