On 13th August, the House of Commons Library published a briefing paper which provides information on how to spot pension scams and aims to answer some of the FAQ on which constituents ask for help with from their MPs. In 2017, pension scam victims were reported to have lost an average of £91,000, though the paper says that only a minority of pension scams are believed to ever get reported. Citizens Advice has identified 4 types of pension scams to look out for:
- Liberation scams that offer access to a pension before the age of 55. This often results in a large tax bill in addition to the loss of savings;
- Investment scams that offer high (unrealistic) returns on overseas investments of pensions;
- ‘Review’ scams that offer a ‘free’ review into pension savings and investment returns; and
- ‘Advice scams’ that offer free advice with the aims of obtaining information or authority to transfer a pension or to act as a lead for other pensions scams.
See also this report from Citizens Advice –
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