Your money: Pension scams put savings at risk

Over-55s are the targets of repeated cold-calling and email scams offering fake pension opportunities.

5 months after the introduction of the new pension freedoms, 40% of Citizens Advice pension staff have come into contact with people affected by pension scams. Around 10% have seen people fall victim to scams.

Of those contacted by scammers, 80% had been cold-called, a third had been sent emails and a third had received post.

The emerging scams highlighted by Citizens Advice are:

Gillian Guy, chief executive of Citizens Advice, said:

“Pension scams threaten people’s financial security. People are targeted again and again with bogus investment offers or fraudulent pension opportunities.”
Pensions Minister Baroness Ros Altmann, added:

“Pensions are precious so don’t fall foul of conmen who want to snatch your money.”

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