Many people in the UK feel the financial ‘pinch’ after the Christmas period, making them particularly vulnerable to pension scams, according to The Pensions Regulator and The Pensions Advisory Service (TPAS).
The Pensions Regulator and TPAS, in association with Project Bloom, have together launched a social media campaign to alert people to the dangers of pension scams during the post-Christmas period. A series of hard-hitting images and scam-related slogans have been used to both empathise with people’s post-Christmas money worries, while reminding them to think carefully before making any potentially harmful financial decisions.
If you’re under 55, you can’t release your pension, unless you’re too ill to work. If you’re over 55, you can access your pension. If you are a member of defined contribution pension scheme you can use the government’s Pension Wise service to help understand your options when thinking about accessing your pension. Remember, once money has been transferred into a scam, it’s too late. You could end up losing all your pension savings and in some cases face a tax bill of up to 55%.
For more information on pension scams and how to protect against them, please visit: http://www.thepensionsregulator.gov.uk/individuals/dangers-of-pension-scams.aspx
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