The new ‘pension freedoms’ came into effect in April 2015. Unfortunately, it seems this has led to an increase in activities by unscrupulous operators who see the chance to trick people out of their pension savings.
Over 55s are being repeatedly contacted with cold-calls and emails offering fraudulent pension opportunities. Gillian Guy, chief executive of Citizens Advice, said in August 2015: "Opportunistic fraudsters are finding new ways to go after people's pension pots including offering free pension reviews and promising to invest in funds that don't necessarily exist.
"Pension and investment scams are particularly dangerous as they can destroy people's entire pension pot, leaving them with little or no savings for retirement. We will be monitoring pension scams closely in order to track how they are evolving, and warn consumers what to look out for."
If you are cold-called, emailed or sent a text or unsolicited mail about a pension review or an investment opportunity, be on your guard. The chances are it’s a scam. Read ‘Scamproof your Savings’, a short booklet provided by The Pensions Advisory Service.