Following changes to the rules on accessing pensions, the Financial Conduct Authority (FCA) and The Pensions Regulator (TPR) are looking to raise awareness of pension scams.
The FCA and TPR have launched a new ScamSmart advertising campaign targeting pension holders aged 45-65, the group most at risk of pension scams. A YouGov poll found that almost a third (32%) of pension holders in this age group wouldn’t know how to check whether they were speaking with a legitimate pensions adviser or provider.
Pension scammers commonly offer a ‘free pension review’ and research shows that one in eight 45 to 65-year-olds surveyed said they would trust an offer of a ‘free pension review’ from someone claiming to be a pension advisor.
Both the FCA and TPR are urging the public to make sure they check who they are dealing with and to be particularly wary of cold calling. Reject unexpected pension offers whether made online, on social media or over the phone, resist being rushed or pressured into making a decision.
If you would like to discuss any aspect of pensions or retirement planning, please contact our Wealth Management Team on 01788 539000.