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Pension scam alert: How you can avoid falling victim to a pension scam

by , 02 September 2014

Yesterday, the Financial Services Board (FSB) revealed that a company was operating in the Vanderbijlpark area reportedly to help clients claim excess pension funds.

The FSB says that the company is not authorised to conduct such business.

Let's take a closer look at what happened and what you can do to avoid being involved in such a scam…

The FSB has concerns over the business dealings of AM Financial Services CC

The FSB announced that the public need to “exercise caution when dealing with AM Financial Services CC,” reports Fin24. The company and its owner Ms Alberta Macpherson appear to operate in the Vanderbijlpark vicinity.

The FSB says the company is trying to provide a service “in the nature of a financial advisory and intermediary service to clients,” adds Fin24. Its aim is to help “clients to claim their pension fund surplus money from pension funds which may or may not have any surplus to distribute to former pension fund members”.

The board says the company was “charging R400 for this ‘service,’” says BDLive. The problem is, AM Financial Services CC does not have the authorisation to conduct such business.

AM Financial Services CC isn’t an authorised “financial institution,” neither is Ms Macpherson “a regulated person by the FSB,” notes Fin24.

As yet, the FSB doesn’t know “the exact amount involved” with the scam, adds BDLive. But the FSB is currently investigating the matter and will determine what steps to take.

What can you do if a company approaches you regarding a pension surplus?

Your best course of action is to speak to the “former fund or its administrator for assistance,” the FSB advises.

The FSB is responsible for ensuring that retirement funds are financially sound. If a company you don’t know anything about approaches you, the first thing you should do is check if they are authorised to deal with such matters.

The last thing you want to do is lose some of your hard earned pension to a scam.

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Pension scam alert: How you can avoid falling victim to a pension scam
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