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Pension holders are being urged to “scam-proof their savings”, as part of a campaign by the Pensions Regulator, ahead of imminent changes to the law.
Under-55s have been the primary target of fraudsters offering to release pensions as loans or upfront cash.
With new flexibilities set for next month to give over-55s more freedom on how they access their retirement pots, the regulator has moved to alert younger savers and scheme trustees to the risks of pensions swindles.
Pension holders are being urged to “scam-proof their savings”, as part of a campaign by the Pensions Regulator, ahead of imminent changes to the law.
Under-55s have been the primary target of fraudsters offering to release pensions as loans or upfront cash.
With new flexibilities set for next month to give over-55s more freedom on how they access their retirement pots, the regulator has moved to alert younger savers and scheme trustees to the risks of pensions swindles.
The campaign – a revival of an earlier drive – offers advice on how to spot a scam, and what to do if contacted by a suspect organisation.
It also provides guidance for scheme trustees, including a checklist of sting signposts and a rundown of a code of good practice that sets out due diligence processes to combat pension fraud. It calls on trustees to encourage members to contact Pension Wise, the new government service aimed at helping those approaching 55 to understand their options.
Savers are encouraged to check that their adviser is registered with the Financial Conduct Authority, which has a service called Scamsmart that identifies investment schemes that are known cons.
