Fraudsters still targeting pension savers: Tully

Fraudsters still targeting pension savers: Tully

Fraudsters are still preying on people using the pension freedoms to withdraw their cash, with research revealing that one in six of over-50s have already been targeted, Andrew Tully has warned.

The pensions technical director at Retirement Advantage, said: “The fraudsters may be offering get-rich-quick schemes or even early access to trick people out of their hard-earned savings. Pensioners need to be on their guard: if an opportunity sounds too good to be true, it almost certainly is.”

A survey conducted in May by YouGov for the provider found that 17 per cent of over-50s and 20 per cent of over-55s have been approached by a company offering help to access their pensions early, either through legal loopholes or an investment opportunity.

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According to the survey, 22 per cent of men reported having been targeted, compared with 10 per cent of women.

The most common means of contact was by telephone, at 50 per cent, followed by post, 24 per cent and email, 23 per cent.

Adviser View

Brian Hill, financial adviser at Wiltshire-based advisory firm Jones Hill, said: “We have not had any clients that have been approached in this way, which is reassuring.

“In terms of what more can be done, the government, pension providers and Pension Wise need to reinforce the value of advice. The government should then do some follow-up work to see if people went it alone or took advice.”