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How to avoid a pension scam through fun gaming – Ad | This is a paid partnership with PensionBee
As with most things pensions related, a lot of people begin thinking about them when it is too late to get started.
One specific aspect of having a pension that is not considered sexy to talk about is how you protect that pension from pension scams.
The current economic situation that we are all facing means that many face huge pressures financially and also risk making wrong financial decisions.
In fact, reports have shown that fraudsters are taking advantage of people in this time when people need financial and emotional help the most.
Reports of frauds related to this current financial situation are up 400%!
The Financial Conduct Authority (FCA) also released research showing that 42% of pension savers (circa 5 million people) could be at risk of a pension scam.
I’m writing about this today because it’s critical that you and I and others in their 20s, 30s, 40s, and much older, start to become aware of these issues early.
This can help us not only protect our wealth, but that of our parents and other family members.
I learnt recently about a game, which can help you become pension scam aware in a fun way.
PensionBee and three other leading digital platform providers came together to create a game called Scam Man & Robbin’, which Mary and I made time out to explore.
The game gets you involved as the hero “Scam Man”, a cloaked vigilante on a mission to protect people’s pensions from scams.
Your aim is that:
“You must correctly identify six of the most common pension scams and zap them with your torch to destroy them.
If you fall victim to too many scams the pension pot balance will drop to zero and you’ll have to start all over again.”
As you play the game, each level gets harder progressively with scams and bonuses dropping left, right and centre for you to zap and gain respectively.
Your side kick, Robbin’, will be on hand to help you spot oncoming scams and bonuses as they fall past him in the sky.
You’ll need to stay alert and in fun game mode in order to make it all the way to the end and bag all the bonuses.
Here is what the game looks like:
Table of Contents
THE MOST COMMON PENSION SCAMS
The 6 most common pension scams that the game is trying to help us become aware of are:
1. Cold Calls About Your Pension
These calls could come by phone, email, post, social media or even in person.
It is illegal to receive cold calls about your pension.
Action To Take:
If you receive such a call from a stranger or a company you don’t know, the safe thing to do is to hang-up!
You can protect yourself further by refusing to discuss your pension with strangers on the phone, by email, in writing or in person.
2. Offers Of ‘Free’ Financial Advice
This usually takes the form of a ‘free’ pension review or advice.
Financial advice from a regulated professional is never free. So don’t discuss your pension with anyone who makes you this offer.
Action To Take:
If you can’t afford financial advice, seek out other impartial resources such as Pension Wise or The Pensions Advisory Service.
3. Pretending To Be Authorised
Scammers can come across legit and claim to be authorised.
They’ll come across knowledgeable about pension products and investments.
Action To Take:
Before you take the leap to change your current pension arrangements, you should check with the FCA to see if they’re properly authorised. Simply search the FCA register.
4. Pressure To Make An Immediate Decision
Scammers use urgency as a tactic to make you make investment decisions quickly.
They might offer a discount or a bonus for a limited time only if you invest quickly.
Action To Take:
Investing is done properly if you’ve had time to consider it and then take the steps to invest.
If you feel pressured to make a decision before a deadline, it’s best to walk away.
5. Offer a Safe Haven During the Current Economic Uncertainty
We are going through an unusual time in history with the economy and stock markets at historic lows.
Scammers will promise you safe haven opportunities for your pension savings, in order to protect it from ‘market turbulence’.
They’ll even go as far as offering you the opportunity of ‘guaranteed returns’.
Action To Take:
Where an offer sounds too good to be true, it usually is and can prove to be very expensive and irreversible.
Think long term about your investing and avoid actions based on short term movements of the markets.
6. Early Access To Your Pension
Scammers also take advantage of pension savers by offering them a way to access their money before the required age of 55.
This will prove to be costly as HMRC will impose on you a 55% tax penalty on any amounts you withdraw.
Action To Take:
Don’t take money out of your pension before the age of 55 (if you’re UK based).
This should only be done in seriously unusual circumstances such as poor health or serious medical condition.
Even with the above, seek professional advice and be comfortable with what it might mean for you personally.
DEMO OF THE SCAM MAN & ROBBIN’ GAME
Now onto all the fun! 😎
This game has been created to:
- Give you and I the awareness of pension scams to avoid,
- Reward players who become properly scam aware,
- Make learning fun and entertaining.
With all boxes ticked, we were super excited to give this a go!
Mary demo’d the game and could not stop playing it. Watch her review it:
Our kids even had a go at playing this game and really enjoyed it!
As a family interested in making financial education practical and accessible for our children and others, this is perfect!
I see this appealing to pension savers of all ages and those whose parents have not even started saving for yet.
We hope you enjoy the adventures of Scam Man and Robbin’ like we have! 😀
Check it out for yourself and see what your best score will be as you play and learn to avoid a pension scam. Enjoy!
What To Read Next>>
- PensionBee Review – Could Pension Savings Be Simpler?
- Self-Employed Pensions – 9 Retirement Savings Hacks
- Pension Calculator – How Much Do You Need To Retire?
What To Watch Next>>
Have you or anyone you know been affected by a Pension Scam? Which of those 6 common Pension Scams have you come across ordinarily?
Do please share this post if you found it useful, and remember, in all things be thankful and Seek Joy.
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