Tackling Pension Fund Fraudsters
Since the freedom to access pension funds was introduced in April 2015, scammers and fraudsters wasted no time in dreaming up elaborate non-existent investment schemes designed only to defraud savers out of their money. It is calculated that, in 2016, fraudsters tricked pensioners out of nearly £9.4m – and this is likely to be an understated figure. In response, a recent announcement by the government that cold calling in relation to pensions, including emails and texts, is to be banned is most welcome.
Whilst we await the implementation of this new regulation, if someone makes contact out of the blue to discuss pension investment ‘opportunities’, the best thing to do is hang up – if unsolicited texts or emails are received, just delete them. Advice on Pensions can be obtained from the Pensions Advisory Service on 0300 123 1047, while incidents of fraud can be reported to Action Fraud on 0300 123 2040 or their website at actionfraud.police.uk
Cllr Clarence Barrett