Scammers still offering consumers ‘free pension advice’

Recent research has found that a seventh of non-retirees over the age of 50 have been targeted by scammers during the past three months.

According to Retirement Advantage, 14% of those asked were contacted by email, text or phone from a company offering to investment opportunities or free pension advice.

Commissioned to conduct the study, Censuswide undertook over 1,000 online interviews with people yet to retire over the age of 50, who have either an individual pension or a defined contribution.

Highlighting the dangers of pension scammers and their growing prominence within the sector, Retirement Advantage warns that consumers should always question unsolicited contact from such companies.

Commenting on the findings of the research was Andrew Tully. The Pensions Technical Director stated: “Pension scams are one of the unintended consequences of the pension freedoms and, three years on, we are only just getting to grips with the issue. Scammers are using increasingly sophisticated ways of conning people out of their money.”

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