Fraudsters targeting retirement pots through liberation or bogus transfers will take advantage of pensions freedom to target an even greater number of savers, Phoenix has warned.
The closed life consolidator said it was concerned the current model employed by fraudsters would easily translate to pots which can be accessed from 6 April. Phoenix Group head of financial crime prevention Steve Hyndman said: "The real concern for us is that the model currently being used is absolutely made for pension changes in April. "After April anyone over 55 in a defined contribution pension will be a potential victim." He added the ‘man on the street' does not understand pensions as they stand now and will struggle to grasp what pension changes mean for them - leaving them...
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