Play your part – act on pension scams
28 July 2017
At least half a billion pounds of savers’ money has been lost to pension scams; with about £50,000 being the average loss from a scam.
Citizens Advice research showed that 10.9 million people received unsolicited contact about their pension during 2015/16. The Pensions Regulator (TPR) is joining other organisations, including Citizens Advice, to take a stand against scams and fraud.
Scams awareness month was launched during July where TPR’s Industry Liaison Team began touring the country, speaking at events organised by the Personal Finance Society, to help spread the warning messages about scams. The tour is continuing over the next few months.
Five signs of a scam to be aware of are:
A free pension review
The promise of guaranteed returns on your investment
Low tax / tax-free rates, including tax-free lump sums
Exotic sounding and/or overseas investments
Pressure to sign up quickly to avoid missing out
Visit pension-scams.com for tips on how you can prevent yourself, your clients, friends and your family from becoming a victim. This includes an online scam-spotting tool for those considering investing their pension pot and a quick five-step guide to help savers protect themselves with practical tips and questions to consider.