The people behind pension scams are sophisticated and well-organised, with links to other scam activity such as money laundering. Here, the Pensions Regulator gives you the help that you need to safeguard against potential scams – and it begins with asking you the question: are you scammable or scam-proof?
The regulator’s new infographic explains typical pension scammers’ tactics and ways in which you can scamproof your pension savings.
A new video has been produced by the regulator in which chief executive Lesley Titcomb talks about how you can help protect yourself, and how the regulator is working with other Government organisations to disrupt scamming activity.
In support of Scams Awareness Month (July 2015), the regulator has added new information on its website as part of its on-going Scorpion campaign, alerting retirement savers to the risks.
Their advice is to arm yourself with the facts and look out for the hallmarks of a scam:
If an offer sounds too good to be true it almost certainly is!
There are many types of pension scam but victims could face high fees, may lose all or most of their pension pot and can also face substantial tax charges for accessing their pension earlier than the law normally allows, leaving them with no retirement savings.
TPR’s message to retirement savers is: check the facts before you make an irreversible decision – a lifetime’s savings could be lost in a moment.
Lesley Titcomb is all too aware of the significant challenges that lie ahead relating to scams:
“We have to be resourceful, tenacious and work collaboratively with Government, law enforcement and other agencies to educate the public, disrupt the activities of scammers and take legal action where necessary. There is no single organisation or agency which can tackle scams alone.
“You have your part to play by arming yourself with the facts. In addition pension scheme trustees should be warning members to be vigilant and informed as to the dangers of potential scams. Trustees can play their part by directing savers to Scorpion material, helping their members to recognise the hallmarks of scams and how to protect themselves.”
Find out more on The Pensions Regulator website