Victims of pension scams are being cheated out of an average of £91,000 each, according to newly published figures.
The two regulators have launched a joint TV advertising campaign to raise awareness, warning that victims of pension fraud can lose their life savings, The Guardian reports.
The Week
Escape your echo chamber. Get the facts behind the news, plus analysis from multiple perspectives.
Sign up for The Week's Free Newsletters
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
Nicola Parish, TPR’s executive director of frontline regulation, said: “If someone cold calls you about your pension, it’s probably an attempt to steal your savings. Our message is clear - hang up and report it.”
Welcoming the new campaign, Guy Opperman, minister for pensions and financial inclusion, said: “Pension scams are devastating for hardworking people and can rob them of the retirement they planned.
“I would urge savers to always exercise caution and seek independent guidance or advice before making important financial decisions.”
The Money Advice Service (MAS) has compiled a list of the most common pension scams.
Experts say that unsolicited approaches by phone call, text message, email or in person are a “tell-tale” sign of a con, especially if the firm contacting you doesn’t allow you to call them back.
The MAS also notes that caution should be exercised if the person or company only provides a mobile phone number or a PO box address in their contact details.
And any claims of “tax loopholes”, “extra tax savings” or supposedly low-risk deals that “offer high rates of return on your investment” should be treated with suspicion.
Another common scam involves fraudsters “claiming to be able to unlock money from an individual’s pension, which is normally only possible from age 55”, reports Sky News.
The Government’s Pension Wise website says that if you suspect a scammer is contacting you, you should check if that person or company is on the Financial Services Register or call the Financial Conduct Authority on 0800 111 6768.
If you believe you’ve been the victim of a pension scam or may be an intended target, the site recommends contacting Action Fraud on 0300 123 2040 or using their online reporting tool.
-
Regal Scottish castle hotelsThe Week Recommends These rural retreats are perfect for a Traitors-inspired cosy winter break
-
Will the public buy Rachel Reeves’ tax rises?Today’s Big Question The Chancellor refused to rule out tax increases in her televised address, and is set to reverse pledges made in the election manifesto
-
Margaret Atwood’s ‘deliciously naughty’ memoirIn the Spotlight ‘Bean-spilling’ book by The Handmaid’s Tale author is ‘immensely readable’
-
What’s the difference between a bull market and bear market?The Explainer How to tell if the market is soaring or slumping.
-
What is a bubble? Understanding the financial term.the explainer An AI bubble burst could be looming
-
Common signs of a romance scam and what one could cost youthe explainer Don’t let love cloud your judgment
-
Is it a good investment to buy a house?The Explainer Less young people are buying homes, opting to rent and invest in the stock market instead
-
5 side hustle ideas to supplement your budgetthe explainer Almost two-thirds of Americans are looking to get a second job in the next year
-
How to determine the right car for your needsthe explainer Assess your budget, driving habits and fuel costs
-
The pros and cons of having more than one credit cardPros and Cons Having more than one card can offer financial benefits — but be careful of overspending
-
How to save on tickets to concerts and other eventsThe Explainer See your favorite artist without breaking the bank
