Be wary of cold-callers who offer a ‘free’ pension review – Pension Scams could cost you more than you think.
Cold-calling has increased since ‘pension freedoms’ were introduced in 2015, including from fraudsters trying to persuade people to move their pension into unregulated investments.
The government has proposed legislation banning these calls, but this has yet to take effect.
Government figures suggest pension savers have lost more than £43 million through such scams.
Guy Ovenden, Chartered Financial Planner at Pembroke Financial Services of Shoreham comments “Pensions transfers potentially put your savings at risk, and if you are under 55 you may face additional tax charges. Some cold-callers aren’t trying to pocket your pensions savings, but may recommend higher– charging pensions, from which they receive an ‘introducers’ fee.”