FINANCE UPDATES – Nov 2019 – The dangers posed by pension scams
Cold calls, time-limited offers and claims of guaranteed returns
are among the tactics being used to tempt pension savers into
risking their retirement income.
Fraudsters have been deploying these tactics, and tweaking
them to get around legislation along the way, ever since
pension freedoms were expanded in 2015.
Scammers prey upon the fact that over-55s had more choice
when it comes to accessing their pension, which meant an
opportunity to convince them to make ill-advised choices.
Last year, 180 savers reported to Action Fraud that they were
victims of pension scamming – losing on average £82,000 each.
Finance Update – The dangers posed by pension scams