There’s never any shortage of people looking for new opportunities to scam you out of your money.
The changes to the pension rules from 6 April this year are presenting some new opportunities for the crooks.
There’s different types of scam and usually they’ll start with a ‘cold call’ about:
You must remember that you can only take your pension money before you’re 55 in rare cases, eg if you’re very ill.
Most of these offers are fake but can appear very convincing. Their aim is simple.
Cash in your pension pot and transfer the money to them.
Once you’ve transferred your money into a scam, it’s too late.
You could lose all your pension money as well as face tax of up to 55% or huge additional fees.
Watch out if someone:
You can check if the person or company contacting you is on the Financial Conduct Authority (FCA) Register or by calling the FCA on 0800 111 6768. If you call the person or company back, use the phone number for them that’s on the FCA Register.
If you think you’ve been the victim of a pension scam, call Action Fraud on 0300 123 1047 or use the Action Fraud online reporting tool.
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