TPAS and ABI tackle pension scams through new campaign
For many, pension savings can offer financial security throughout their retirement and for the rest of their lives. For others, a pension can help support career choices, pay off debt and provide for those who mean the most. However they’re used, pensions are a valuable asset.
Unfortunately, like anything valuable, pensions can become the target for illegal activities, scams or inappropriate and high risk investments. The continued interest in pensions has meant that opportunistic scammers have become more prevalent in the world of later life saving.
Today the Pensions Advisory Service (TPAS) and the Association of British Insurers (ABI) have launched a collaborative online social media campaign to help raise consumer awareness about the risks and consequences of pension scams. The campaign aims to highlight to consumers just how valuable their pension is and the processes scammers use to get their hands on their savings and information.
Michelle Cracknell, Chief Executive of the Pension Advisory Service said “pension scams are becoming more prevalent. We have calls from many people who have been approached by cold callers offering pensions reviews. If you receive one of these calls, check with us so we can explain the warning signs so that you can identify the illegal or inappropriate activities. We have information on our website or you can contact our helpline to help people spot the scams. The campaign launched today by TPAS and the ABI is helping raise awareness of the warning signs that people should look out for and the risks involved. Through the support of other consumer organisations, we hope that we can reach more people to get these important messages out.”
Yvonne Braun, Head of Savings, Retirement and Social Care, Association of British Insurers, comments:
“Pension scams can rob people of their savings and leave savers much poorer in retirement. Raising awareness of such scams will enable people to be more vigilant and stop them becoming innocent targets. ABI members are helping to prevent innocent people falling victim, reporting suspicious transfers to the enforcement agencies. The industry continues to work closely with Government, regulators and The Pensions Advisory Service to help protect savers from these scams.”
To accompany the online campaign, an infographic has been developed providing a look at the ‘hooks’ and ‘hustle’ techniques scammers use and say, and what the real life consequences are. It also provides the top five tips on how to avoid being scammed and what to do if you’re not sure about what’s being offered or who to contact if you think you’re already a target. You can view the infographic by clicking here.
The Financial Futures campaign is working in conjunction with The Pension Regulator and the Scorpion campaign, and is supported by consumer groups. If you’d like to find out more about how to spot a pension scam and how they might affect you, you can read the Pensions Regulator member leaflet here. Or, you can visit our pension scam website pages.
If you're unsure about any call or offer you've recieved, you can contact our team of pension specialists who'll be happy to help.