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Be Pension Scam Smart

A recent study has shown that 42% of pension savers could be at risk of falling for one of the six most common tactics used by pension fraudsters. That percentage rises to 60% amongst those looking to actively boost their retirement income.

 In response, a joint initiative by The Pensions Regulator and the Financial Conduct Authority (FCA) aims to raise awareness of the approaches used by pension scammers in a bid to reduce the likelihood of individuals losing their pension savings*. Typical scam approaches include offering exotic investment opportunities, offering early access to pension pots, and guaranteeing high rates of return on pension savings. Other tactics include offering a free pensions review and time-limited offers. Worryingly, 23% of those surveyed would discuss their pension plans with an unsolicited caller despite unsolicited calls being illegal since January 2019.

 The awareness campaign will be broadcast on TV, radio and online. The FCA website also has a quick ‘ScamSmart quiz’  together with advice on ways to protect yourself from pension scammers. If you are looking for advice on pensions, or if your situation has changed and you may therefore need to review your existing pensions or investments, contact Beckworth by using one of the links on our website.

 *https://www.thepensionsregulator.gov.uk/en/media-hub/press-releases/five-million-pension-savers-could-put-their-retirement-savings-at-risk-to-scammers