Pension freedom scam fears 'coming true'

Freedom and choice in operation for 12 months

clock • 4 min read

People are at risk of being scammed as fraudsters take advantage of the pension freedom reforms, according to Citizens Advice research. Stephanie Baxter looks at the issues

When pension freedom was first announced in 2014 many people in the industry warned there would be a rise in scammers and savers would be poorly equipped to deal with them. These fears are becoming reality, with The Pension Regulator (TPR) revamping its scorpion campaign to warn of the dangers as "thousands" of people are falling for scams. A report from Citizens Advice, Too good to be true, finds people are receiving high levels of unsolicited calls, with 10.9 million having received unsolicited contact about their pension since last April. This includes 2.4 million consumers aged 55...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Pensions

Devilish details: Protection and the abolition of the LTA

Devilish details: Protection and the abolition of the LTA

'There are a number of subtleties to be aware of'

Thomas Coughlan
clock 22 March 2024 • 8 min read
L&G Retail launches adviser handbook on later life divorce

L&G Retail launches adviser handbook on later life divorce

To help support advisers dealing with clients going through a divorce

Jenna Brown
clock 21 March 2024 • 1 min read
New occupational scheme launches; BSPS rescue proposals set out

New occupational scheme launches; BSPS rescue proposals set out

Former British Steel workers will be able to ‘reverse transfer’ their pots

Jonathan Stapleton
clock 14 March 2024 • 2 min read