Beware pension scam in South Holland warning

Cold callers have been targeting pensioners.
Cold callers have been targeting pensioners.
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Residents in South Holland are being warned of a pension scam where cold callers are targeting people aged 50 to 60.

The National Fraud Intelligence Bureau (NFIB) has been alerted members of the public are being urged to release and transfer their pension early.

Suspected firms who advertise and arrange pensions are offering investments in alternative commodities such as hotel developments or property in Cape Verde, and operate as unregulated collective investment schemes.

Often, the cold calling ‘pension companies’ involved are neither regulated nor qualified to give financial advice and classify themselves as a ‘trustee’, ‘consultant’ or an ‘independent advisor’ and offer exceptionally high return rates for investors.

Victims have signed documents that authorise a limited company to be set up using their personal details, including utilising a Small Self–Administered Scheme (SSAS). Whilst SSAS accounts and limited companies are essential for legitimate schemes, the fact that victims are unaware that this will happen suggests that the scheme may not have been fully explained to them, increasing the likelihood of an element of fraud involved. Further advice can be found on the Protect Your Pension Pot website.