PENSION savers are being warned about scammers using the cost-of-living crisis to con people out of their life savings.
Older people risk being lured by offers to access pension savings early to beat the financial squeeze, or fake investment schemes claiming to give attractive returns.
Nicola Parish, a director at The Pensions Regulator, said: “The cost-of-living crisis is impacting pension savers and there is a risk that scammers will take advantage of this uncertainty.
“Fraudsters may promise higher returns or help to release cash from your pension early to pay essential bills, but in reality they just want to steal your money.
“Once it’s gone, it’s almost impossible to get it back.”
More than £2million has been lost to pension fraud since the beginning of 2021, according to the latest figures from Action Fraud.
Victims lost an average of £75,000, while men over the age of 50 are most likely to be targeted.
Here we reveal six of the most common pension scams to watch out for, and explain how to guard against them.
YOU ARE OFFERED A PENSION REVIEW
THIS is one of the most common types of pension scam.
You might spot a website pop-up or receive a call, text or email offering a free pension review.
If you agree to the service, you may get a call or home visit from someone claiming to be a financial adviser. They will recommend you shift your money into another…
