Focus
Aegon gave the following examples where a transfer was stopped to prevent customers being conned out of their pension pots.
Case One
Ms X, 57, from the Midlands received a call from an individual saying they were from Aegon and she required a pension review due to the new pension changes.
The individual arranged for an agent to visit Ms X who took photographs of her identification documents and asked her to sign a form to update her records with Aegon.
Aegon received a request to transfer Ms X’s benefits to a scheme overseas (QROPS) along with her identification documents which were certified by a company in Eastern Europe.
The request did not meet the profile of Ms X so Aegon made contact with her to verify the request.
Ms X was very confused by the contact from Aegon as she thought it was Aegon who originally contacted her and she did not know of any company in Eastern Europe nor was she clear on any transfer request.
An investigation by Aegon identified an unregulated marketing company had contacted Ms X and the transfer was stopped.
Case Two
Mr X, 42, from Warwickshire has accumulated a large pension via his past manufacturing employer received a call from a firm who stated they are working with the government and he required a review of his pension.
Mr X agreed to this review and a courier company was dispatched to deliver paperwork for Mr X to sign and return.
Aegon then received a signed letter from Mr X via an unregulated company asking for the paperwork to arrange an overseas pension transfer.
When Aegon contacted Mr X to verify the request he stated he had no intention of transferring any pension overseas and the company who contacted him were only reviewing his pension on behalf of the government. Aegon highlighted the recent FCA warning regarding cold callers and free pension reviews and the request was subsequently withdrawn.
Case Three
Mr X, 55, from Nottingham received a call from a company offering him a free review which he signed up for.
Aegon received a request from an unregulated company with an instruction from Mr X asking for information and paperwork to conduct a transaction which did not meet the profile of Mr X.
When Aegon contacted Mr X he had just received company incorporation documents which he never instigated. Mr X was concerned this was linked to his pension review and his pension was under attack. With Mr X’s agreement the request Aegon received was subsequently rejected.
