PENSION FRAUD
Action Fraud is warning savers to stay vigilant and protect their pensions and investments from fraudsters trying to trick people out of their lifetime savings, as new data reveals £17.7 million lost to pension fraud last year.
How can you protect yourself?
Unsolicited communication about your pension: If you get a call out of the blue (a cold call) about your pension, the safest thing to do is hang up. It’s illegal and probably a fraudster. If you get offers via email or text, you should simply ignore them.
Seek advice first: if you’re thinking about changing your pension arrangements, you should get financial advice beforehand. If you want to find an adviser, make sure they’re authorised by the Financial Conduct Authority. Never take advice from the company that contacted you, this may be part of the scam.
Investment opportunities: do not be rushed into making an investment.
Remember, legitimate organisations will never pressure you into investing on the spot.
You should treat investment opportunities with extreme caution if there is:• pressure to invest (e.g. time-limited offers);• downplayed risk of losing your money• promised returns that sound too good to be true.
Be mindful of tax implications: you’ll pay up to 55% tax on payments from your pension provider if they make an ‘unauthorised payment’.
If you have been a victim then report it: if you’re worried about a potential scam, or you think you may have been contacted by a fraudster, report it to Action Fraud online at actionfraud.police.uk or by calling 0300 123 2040
Source: Action Fraud
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