Vince Smith-Hughes

Head of Business Development

One in 10 ‘targeted by Pension Freedom scammers’

4 May 2018

  • Offers to unlock or transfer pension funds are the most likely scam tactics

Nearly one in 10 over-55s fear they have been targeted by suspected scammers since the launch of Pension Freedoms, new research for Prudential shows.

The study found nine per cent of over-55s say they have been approached about their pension funds by people they now believe to be scammers since the rules came into effect from April 2015. Offers to unlock or transfer funds are tactics commonly used to defraud people of their retirement savings.

One in three (33 per cent) of over-55s say the risk of being defrauded of their savings is a major concern following Pension Freedoms. However, nearly half (49 per cent) of those approached say they did not report their concerns because they did not know how to or were unaware of who they could report the scammers to.

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