Great Glen Parish Council

Serving the people of Great Glen

Clerk: Lesley Sanderson
Glendale House, 1 Church Road
Great Glen, Leics LE8 9FE

Tel: 0116 259 3004 07769812203

Warning Regarding Pension Fraud

Warning Regarding Pension Fraud

Action Fraud is warning savers to remain vigilant and protect their pensions, as figures from the national reporting centre for fraud and cyber crime reveal £1.8 million has already been lost to pension fraud this year.

Criminals are malicious and unapologetic when it comes to committing pension fraud. They are motivated by their own financial gain and lack any kind of empathy for their victims, who can often lose their whole life savings to these scams.

We know pension fraud can have a devastating impact, both financially and emotionally, but any one of us can fall victim to a fraud and it's nothing to feel ashamed or embarrassed about. It's incredibly important that instances of pension fraud, and attempted scams, are reported to Action Fraud.

Every report helps police get that bit closer to the people committing these awful crimes. Reporting to Action Fraud also allows our specialist victim-support advocates to provide people with important protection advice and signpost them to local support services.

Pension scams often include free pension reviews, "too good to be true" investment opportunities, or offers to help release money from your pension even though you're under 55.

Sadly, the true scale of pension fraud is likely to be much higher than what is being reported, as victims often don't realise they have been scammed until many years later. Savers must be cautious about making decisions about money that may have taken a lifetime to build, as it can be snatched away in an instant.

How to protect yourself.

• Reject unexpected pension opportunities, such as free pension reviews or investment opportunities involving your pension, whether made via email, social media, text, or over the phone.

• Research who you're dealing with before changing your pension arrangements – check the FCA Register, or call the FCA on 0800 111 6768 to see if the firm is authorised by the FCA.

• Don't be rushed or pressured into making any decision about your pension – consider getting impartial information and advice from a financial advisor authorised by the FCA to help you make the best decision for your own personal circumstances.

• Be suspicious if you are contacted out of the blue about an investment opportunity - seek advice from trusted friends, family members or an independent professional advice service before making a significant financial decision, especially when it involves your pension pot. Even genuine investment schemes can be high risk.

• Be ScamSmart and visit the ScamSmart website to learn how to protect yourself from pensions scams.

If you suspect a scam, report it If you think you've been a victim of pension fraud, contact your pension provider immediately and report it to Action Fraud online at actionfraud.police.uk or by calling 0300 123 2040.

You can also report an unauthorised firm or a scam to the FCA by using their reporting form or by calling 0800 111 6768. Cold calls about your pension are illegal.

You can report nuisance calls and messages to the Information Commissioner's Office using their online reporting tool or by calling 0303 123 1113. If you've agreed to transfer your pension and now suspect a scam, contact your pension provider straight away. They may be able to stop a transfer that hasn't taken place yet. If you are unsure of what to do contact the Pensions Advisory Service for help.

Please do not report crime via Neighbourhood Link as it is not monitored. Report fraud directly to Action Fraud.

Posted: Tue, 27 Apr 2021 09:29 by Cheryl Small

Tags: News