Eight pension scam tricks to avoid during the UK cost-of-living crisis

Scammers are distracting victims by preying on money concerns and building up trust. Worryingly, 44 per cent of just over 1,000 people aged 40 and over surveyed by the FCA said they wouldn't hesitate to take up the offer of a free pension review. But, the FCA has warned that the offer of such a free review is a 'classic … See more

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Scammers Target Over £2 Million In Pension Pots In The Last Five …

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Jul 7, 2021 · Click here for more on how to avoid pension scams. Notes to editors. Since the beginning of 2021, pension scam losses totalling £2,241,774 have been reported to Action …

fca.org.uk

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Millions Are Targeted By Pension Scammers - Which? News

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Separate data from the Pensions Management Institute (PMI) show that pensions and investment scams cost victims more than £2.6bn in the 2020-2023 period. The data from the City of …

which.co.uk

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Pension Scams Saw Fraudsters Steal ‘£50k A Day’ In 2023

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Sep 9, 2024 · Almost £50,000 a day was stolen as a result of pension scams in 2023, new data from the UK’s leading fraud prevention agency has shown. According to Action Fraud, …

moneyweek.com

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Pension Scam Average Losses More Than Double In A Year: How To

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Jul 10, 2021 · The total lost during 2021 could be higher than £2m as many scams 'often go unreported', the FCA says. ... How are UK regulators combating pension scams? ... find out …

which.co.uk

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Fraud Experts Send Warning Against Pension Scams Following …

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22 hours ago · According to Action Fraud, the UK's national reporting centre for fraud, there were 559 reports of pension fraud in 2023 and £17,750,635 lost, with an average loss of £46,959 …

express.co.uk

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Money Blog: US Fast Food Chain Opening In UK - Sky News

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1 day ago · The poll by the High Pay Centre found 55% of the more than 2,000 UK residents surveyed agreed that the pay of company executives should be capped in relation to the pay …

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FAQs about Eight pension scam tricks to avoid during the UK cost-of-living crisis Coupon?

How can I avoid being scammed with my pension?

To avoid pension scams, reject unexpected offers and be cautious of any unsolicited contact about pension opportunities. The Financial Conduct Authority (FCA) advises checking the FCA Register and seeking guidance from them to minimize the risk of falling victim to a scam. ...

Are pension scams posing a greater risk?

The Pensions Regulator (TPR), which protects workplace pensions in the UK, says these scams are currently posing a greater risk, as people who are struggling financially could be more susceptible to believing fake promises of early pension access or higher investment returns. ...

Are pension scams on the rise in the UK?

Pension scams are on the rise in the UK. The internet and advances in digital communications mean these kinds of scams are getting more common and harder to identify. Find out how to spot, avoid and report pension scams. What is a pension scam? What is a pension scam? ...

How many people are at risk of being scammed out of pension funds?

When we first covered pension scams in 2019, the report stated that five millions people were at risk of being scammed out of their pension funds. Pension scams are nothing new, but they have escalated in number in recent years thanks to the freedom and choice legislation which came into force in April 2015. ...

Are pension schemes a scam?

One of the most frightening factors about scams is how people don’t report them. In our 2020 survey into fake financial advertising, we found that only 20% of people report a scam if they spot one. If you suspect a pension scheme is a scam you can report it to the FCA via their pension scam form on their website. ...

Are You scamsmart if your pension is a scam?

The FCA is calling on all consumers to be ScamSmart and check the information on the ScamSmart website, including the Warning List, before making any decision about their pension. This will help identify any firms that are actively running scams, or flag to consumers the signs to look out for to avoid being scammed. ...