I’ve had lots of calls from ex miners and their wives over the last few weeks. It seems that they have been targeted by the infamous Yardstick Marketing and Pension Matters Associates, both of which we covered in a previous blog, where we had been cold called by them as well.

Members of the Miners Pension Scheme should remember that if they transfer their funds outside of the scheme, they will automatically lose all of the guarantees and benefits that they have built up under the miners pension scheme. And that applies to any other final salary scheme or defined benefit scheme.

The companies names which have been mentioned alongside Yardstick Marketing include Green and Global and GDCV. If you’ve been contacted by these firms you may had communications with Alan Lowery, Terri Bacci, William Cunliffe or Dennis Riddick.

Don’t forget, none of the companies mentioned above are regulated by the Financial Services Authority, now known as the Financial Conduct Authority (FCA). And equally, none of their staff are authorised to advise on anything financial.

Although on their paperwork they indicate that they are not permitted to advise on pensions, when I phoned Green and Global as it was clear they were inducing and incentivising people to transfer out their miners pension to a high risk, unprotected, offshore private pension (they were offering a £1,000 rebate for transferring individual’s pensions!).

When I spoke with Alan Lowery he didn’t realise that the miner’s pension was a final salary scheme, and should only be ever transferred out under extreme circumstances, and only then by an AF3 or G60 qualified financial adviser.

Alan was very helpful and said he would get their Independent Financial Adviser, William Cunliffe, to call me back to discuss. Obviously I never received a call back because William Cunliffe lost his authorisation to advise in 2007, as you can see from this link on the FSA register.

In essence, allowing Yardstick Marketing, Pension Matters Associates or Green and Global is no different to you taking a swim with hungry sharks.

For proper, professional, fully authorised and regulated independent advice on your pension, click here.