Cold callers often prey on those without the knowledge to make a correct decision, offering high investment returns, free pension reviews or threats of losing out. An article by Josephine Cumbo at the Financial Times highlights the size of the problem.
The Citizens Advice poll, conducted by Populus, suggested that up to 10.9m consumers have received an unsolicited contact about their pension, with up to 2.4m of those aged between 55-64.
After the reforms last April, those aged 55 and older can spend defined contribution pots in any way they please; this has also trebled the amount of fraudsters now hoping to cash in on the new market.
More than £6m has been lost to pension scams between June 2015 and February this year, with 402 cases reported, according to the City of London police.
We urge you to share the petition with your friends and family. Please don’t hesitate to give us a call if you’re unsure whether investment you’re being offered is genuine or not. Our two minutes could make all the difference.
If you’ve been a victim of fraud please contact Action Fraud on 0300 123 2040 or online.