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The Trustee

Learn more about Zedra and their roles and responsibilities

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Pension scams

Learn how to protect your pension against fraud.

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Find out how much your lifestyle could cost when you retire and how to work out if your savings are on track. 

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£17.7 million was lost to pension fraud in 2023 - keep your pension safe!

Nov 20, 2024, 00:00 by User Not Found
£17.7 million was lost to pension fraud in 2023, with an average loss of £46,959 per person.

£17.7 million was lost to pension fraud in 2023, with an average loss of £46,959 per person.

The figures released by Action Fraud in October 2024 also reveal that there were 559 reports of pension fraud in total last year.

A new video, released by The Pensions Regulator, shows the devastating impact of falling victim to pension fraud. It tells the story of 60-year-old nurse, Pauline who was scammed out of £45k worth of hard-earned retirement savings.  

Pauline’s story shows just how dangerous scammers are and the detrimental impact they can have on your future. Watch it here Pauline warns pension savers to be scam aware (6min) - YouTube

Scams are on the rise – know the red flags

Action Fraud has warned scams are on the rise again. It is absolutely vital pension savers know what red flags to look out for so they can recognise potential threats and keep their retirement income safe.

The most common warning signs are:

  • Unexpected contact – we’ll never contact you out-of-the-blue about your pension. Cold calling was banned in 2019.
  • Promise of high or guaranteed returns – if they sound too good to be true, they probably are.
  • Free pension reviews - check who you’re dealing with. Callers may claim they’re from government-backed bodies or other organisations to trick you into giving them information.
  • Access to your pension before age 55 – don’t fall for offers of early access to your pension. Most members can’t claim it earlier.
  • Pressure to act quickly - never feel rushed into making a decision - take your time to check things over!

If you can recognise any one of the above signs, you should terminate any contact you’re having and report it to Action Fraud at actionfraud.police.uk

Take extra care over the festive period

With the festive period upon us, scammers will likely try and take advantage of the hustle and bustle many of us will experience.

You should stay on your guard and question any unexpected contact regarding your finances.

The Christmas period provides a perfect opportunity for scammers to do what they do best, and the result can be devastating for the victim.

Seek advice about anything to do with your pension

Scams come in lots of guises and are getting harder to spot. As a rule of thumb, you should always get impartial information and FCA-regulated advice before you take any action with your pension.

You can find a register of Independent Financial Advisers (IFAs) at unbiased.co.uk. An IFA will help you understand your pension, the options available, and how to manage your finances.

For more information about pension scams visit fca.org.uk/scamsmart.

You can also visit MoneyHelper.org.uk for free pensions guidance and information.

Matt Riley

Manager

Matt joined Zedra Governance Limited (formerly PTL) in January 2008 having previously worked for Mercer Limited, Hazell Carr and Prudential.

As a Manager for the company's Birmingham Office, Matt’s responsibilities include working closely with Client Directors and individually liaising with Employers, Trustees and Members to ensure the smooth running of their pension schemes. Matt’s current portfolio of clients covers ongoing, paid-up and winding-up schemes. In addition, Matt has experience of schemes that have transferred or are in the process of transferring to the Pension Protection Fund and Financial Assistance Scheme. Matt also works closely with clients in relation to risk registers and internal controls.
 
Matt particularly enjoys resolving issues in a fair and pragmatic way ensuring that the right result is reached for the member or employer.
 
 

Sam Burden

Client Director

Sam Burden joined Zedra Governance (formerly PTL) in 2022. He is an Accredited Professional Pension Trustee (AMAPPT) and an Associate of the Pensions Management Institute (APMI)

Sam has more than 25 years’ experience in the pensions industry gained with WTW, KPMG, and Standard Life working with a wide range of pension schemes and sponsoring employers. His trustee appointments include DB, DC and hybrid pension schemes and he has experience of handling a broad range of projects relating to the management of pension schemes. 

Beyond his pensions experience Sam is a former Birmingham City Councillor where he chaired the audit committee and a current charity trustee.

Payam Kazemian

Client Director

Payam Kazemian joined Zedra Governance Limited (formerly PTL Governance Limited) in 2021. He is an Accredited Professional Pension Trustee (AMAPPT) and an Associate of the Pensions Management Institute (APMI).

Payam has more than 17 years of experience in the pensions industry. Through his current role as a professional trustee, as well as previously as a pension’s de-risking and investment structuring expert at financial institutions including Goldman Sachs and Deutsche Bank, he has had overall responsibility for creating investment, de-risking, journey planning, and governance solutions for a wide range of UK DB pension schemes. He currently holds a number of board positions (as Chair of Trustees) and sole trustee in his professional trustee capacity. Payam has been involved with a number of pensions projects including pensions buy-in, pensions buy-out, GMP equalisation, investment strategy reviews, and dialogue with the pensions regulator. Payam looks to create and believes in a collaborative relationship between the sponsor, the trustee, and all other parties involved as this results in best member outcomes and helps deliver pragmatic solutions for scheme. Aside from his pensions experience, Payam holds a Ph.D. in Materials Science from the University of Cambridge.

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