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Rehobotics: Pension Scam Decision tree for providers (investor protection series)

Scam warning

A Freedom of Information (FOI) request to the City of London Police’s National Fraud Intelligence Bureau by the Pensions Management Institute revealed that between 2020 and 2022, there were 1,595 reported pension scams in England and Wales. Pension scams have cost members more than £26.4mn in recent years.

This equates to an average loss of approximately £16,500.

Pension scam numbers

 

The introduction of the new pension scam regulation has helped in improving protection for members of pension scheme. Pension providers will now have to follow the below process before actioning a transfer out to an arrangement that could leave the membership exposed to fraudsters.

Pension scams regulations for providers (effective 30th of November 2021)

 

We all must become more vigilant ensuring to the many types of attempts to steal our lifelong savings. The promise of earlier retirement or access to your pension fund (pension liberation) is one of the most common ways of scammers stealing your pensions with 269 cases in 2022.  Release funds from an HMRC-registered pension scheme, often resulting in a tax charge that is not anticipated by the member.

  • Persuade individuals over the normal minimum pension age to flexibly access their pension savings in order to invest in inappropriate investments with a promise of guaranteed returns
  • Persuade individuals to transfer their pension savings in order to invest in inappropriate investments where the scammer has misled the individual about the nature of, or risks attached to, the purported investment(s), or their appropriateness for that individual investor (In some cases buying whiskey, gold bullions or cryptocurrencies)

 

Number of pension scam increases

 

Where you have been contacted out of the blue, or overhead a conversation in a pub or in some cases a friend or family member. You can take action to keep you and your family protected.

Please visit and report by using the available tools

Rehobot our smartbot

Need anymore help. Speak to one of our financial adviser

 

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