The 2-Minute Rule for Pension scams in the UK

Some victims of pension scams have lost more than £1m to fraudsters, according to new figures, amid a surge in criminal activity targeting the savings of over-55s.

While the average amount swindled out of pension scam victims was £91,000, some people had lost seven-figure retirement nest eggs, said police and regulators. Source: theguardian

Victims of such scams – which typically begin with an unsolicited phone call or email – can end up losing their life savings and people have been urged to be on their guard. A TV advertising campaign to warn the public was launched in August 2018 and a ban on pensions cold-calling came into force this month.

The proposed ban is additionally intended to prevent people who inadvertently ‘decide-in’ to receiving 3rd party communications currently being focused. Although responses to specific requests for just a simply call from The buyer are not inside of scope from the proposal, the government can make it obvious that failing to choose from calls from third parties, or agreeing to straightforward phrases which include provision for phone calls devoid of individually expressing willingness to obtain them, won't constitute an Convey ask for.

Nonetheless, The federal government appreciates that there might be a circumstance for extending the proposal to all Digital communications, for instance e-mail and text messages.

A lot of scammers immediate users to transfer into single member occupational techniques (known as SSAS) or other occupational pension techniques in an make an effort to escape scrutiny.

How can The federal government finest preserve the clarity of present PECR ideas in light from the proposed ban on pensions cold contacting?

The Office will course of action your personal info in accordance Along with the DPA, and in nearly all situation, this may necessarily mean that your individual data won't be disclosed to third functions.

Approach and coverage Tactic and coverage files relating to how we control DB, DC and public assistance pension techniques, automatic enrolment and personnel safeguards.

escalating have confidence in in the fiscal tips sector: economic advisers have expressed worries that phone calls from rogue pension introducers posing as economical advisers, and supplying no cost pension reviews, damages the sector’s credibility.

Constantly Verify the Financial Conduct Authority register to verify an adviser or organization is registered prior to deciding to comply with anything.

Never be rushed into producing a call about your pension. It is really your hard earned money as well as your selection. If an offer Appears way too fantastic being genuine, it likely is. 

If through the class of its investigations, Ofcom finds which the caller’s carry out could volume to persistent misuse (for example, by producing silent and abandoned calls in accordance with segment 128 of your Communications Act 2003), Ofcom have the facility to situation a Civil Monetary Penalty of around £two million beneath the persistent misuse provisions.

You can also examine the individuals booklet furnished by The Pensions Regulator To learn more about scams. To read this make sure you click here.

Ofcom also has powers under sections 128 to 130 from the Communications Act 2003 to implement in opposition to “persistent misuse” of Digital communications networks or companies. Ofcom can workout its powers to investigate Clicking Here silent or abandoned calls (which may happen to be meant to be immediate marketing phone calls).

present legislation offers pension strategies constrained scope to refuse a transfer into a scheme which appears like a fraud, even when they've authentic concerns as to the protection of the member’s discounts.

For that proposal to attain its intended consequence of decreasing the volume of buyers who tumble target to pensions scams, it is essential that consumers are conscious that each one chilly calls they acquire in relation to pensions are illegitimate.

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