We have been busy helping the Public Sector recently, some of which operate with centralised telephone systems, so it was no surprise to me when I received a 'no caller ID' call last week.Unfortunately it turned out to be a mysterious call centre offering me a free pension review. Even though they were probably not authorised, 'Dave' went on to tell me that my current personal pension was seriously underperforming as all of the major providers had invested too much of my money in Blue Chip FTSE companies and were under investigation, with my savings at risk.
The good news was that his firm could offer me a FREE review and find me a much better provider who offered a guaranteed fund of 6% per annum if I was targetting fund security in a volatile market. This was all free to me as the providers pay them commission to help clients improve there outcomes.
This sounded all too good to be true, which of course it is. Dave soon hung up when I asked about regulation and RDR.
Employers and their Governance Committees should warn their DC members about suspicious calls and seek professional help if in any doubt, to avoid an ongoing danger in the DC market where life is far from simple now.
Failing that, better send for the Lone Ranger if the cowboys are still in town.