Pension scams are on the increase. Last year, victims of scams lost on average £82,000 which can be devastating and can happen to even the most astute.
The Pension Regulator has undertaken new research which shows that millions of pension savers are at risk of pension scams.
As a result, the Regulator has decided to run a joint ScamSmart campaign with the Financial Conduct Authority to warn pension savers of the risk of scams and they are looking to us and fellow trusted professionals, to be the first line of defence and advice for our clients. Here’s what you need to know.
What are the warning signs?
The Pension Regulator says the following are common red flags:
- Pension cold callers,
- Free pensions reviews,
- Claims of guaranteed high returns,
- Unusual investments such as overseas hotels or storage units,
- Early access to your pension under the age of 55,
- Pressure of time limited offers.
What can you do?
As well as looking out for the common warning signs, here are three things you can do to take action now:
- The Pension Regulator has drafted the following guide scams prevention guide. I recommend that you read this.
- They also advise employers to put a dedicated scam prevention page on their website based on the following news story.
- If you are an employer, you can display this poster Employer poster to alert your employees to possible scams.
Further help and support
Be ScamSmart. If you need any further advice, please contact us for guidance: firstname.lastname@example.org