Make sure you discuss your pension with a reputable advisor.
South Holland Citizens Advice Bureau is warning pensioners about scammers who may be targeting their pension pot.
Convincing victims to move their pension pots into fraudulent schemes, pretending to be their employer or pension provider, and offering bogus ‘free’ financial advice, are among the tactics scammers use to target pensioners.
There are five common types of scams targeting pensioners.
Moving savings into a new ‘pension’: scammers charge pensioners high fees for moving their pension but nothing happens; the money is moved without their permission; or the pensioner agrees the move then the money goes missing or is transferred to fraudulent schemes.
Fake investment opportunities: people are told by scammers they can get more out of their savings by investing in pricey goods, like wine.
Offering free ‘advice’ and support: this can cost money and be useless or may just be a cover for obtaining crucial personal details.
Charging a fee for a dodgy service: in some cases no service is provided at all, in others the service provided is either expensive or not in the consumer’s best interest.
Getting personal information from people: using the phishing or vishing techniques of contacting people by email or over the phone, scammers get victims to give over personal data. Sometimes the con will use information such as the person’s employer or pension provider.
Scams advice: tell someone else about a possible scam, an unsolicited phone call or text, or offer of money; never give out bank details or send money unless you are certain you can trust the person who has asked you to this; don’t feel pressured to make a decision straight away; seek advice – call the Citizens Advice consumer service on 03454 04 05 06; report a potential scam to Citizens Advice or to Action Fraud on 0300 123 2040.