Monday 16 September 2024

Protect Your Pension: Don't Be a Victim of Fraud!

Action Fraud is warning people to be vigilant against pension scams. Here's what you need to know:

  • The Threat: Fraudsters stole a staggering £17.7 million from unsuspecting victims in 2023, with an average loss of £46,959 per person.
  • Common Scams: Be wary of unsolicited offers like free pension reviews, "too good to be true" investment opportunities, pension transfers, or unlocking your pension before age 55.
  • Warning Signs: Scammers often pressure you to make quick decisions, promise high returns, and avoid discussing risks. Cold calls about pensions are illegal and likely a scam.

How to Protect Yourself:

  • Don't Rush: Never make decisions about your pension under pressure. Legitimate companies will give you time to consider your options.
  • Seek Independent Advice: Talk to a financial advisor authorised by the Financial Conduct Authority (FCA) before making any changes to your pension.
  • Verify Credentials: Always check the FCA register to confirm the advisor's legitimacy.
  • Ignore Unsolicited Offers: Hang up on cold calls and delete emails or texts about pensions.
  • Beware of Tax Implications: Unauthorised pension payments may incur high tax penalties.

What to Do if Scammed:

  • Report It: If you suspect a scam, report it to Action Fraud online at https://www.actionfraud.police.uk/ or call 0300 123 2040.
  • Contact Your Bank: If you've made a payment, inform your bank immediately to stop further losses.
  • Monitor Statements: Regularly check your bank statements for suspicious activity.

Stay Informed:

By following these steps, you can protect your hard-earned retirement savings and avoid falling victim to pension scams.

Spread the word! Share this post and help others safeguard their financial future.

Source: Action Fraud (10-09-2024)

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