Project Bloom: Use your eyes and ears to avoid pension scams
19 October 2017
The Pensions Regulator (TPR) has launched new online messaging urging consumers to keep their eyes and ears open for pension scams.
One of the new pieces of animation being circulated by TPR via Facebook, Twitter and YouTube reminds viewers to watch out for scam sites that dress themselves up with anti-scam messaging to pose as legitimate businesses. The second focuses on the need to hang up immediately on pension cold callers.
TPR leads Project Bloom, a multi-agency taskforce which is working with government, the pensions industry, law enforcement agencies and other regulators to combat pension scams.
Between July and the beginning of October, TPR’s Industry Liaison team travelled around the country meeting financial advisers in every region of England and in Scotland, Wales, Northern Ireland and the Isle of Man to spread the warning about fraudsters.
They spoke to hundreds of advisers at events organised by the Personal Finance Society (PFS) to help them prevent their clients falling victim to scammers. Feedback for the events has been wholeheartedly positive, with many advisers saying that they will be sending out fresh messages to their clients to remind them of the threat of scams.
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 friends and your family from becoming a victim. This includes an online scam-spotting tool for those considering investing their pension pot, help to report scams and a quick five-step guide to help savers protect themselves with practical tips and questions to consider.