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      DL1 1AX

19 August 2020

Beware of pension scams!

The coronavirus pandemic has brought out the best in many people! Unfortunately, it has also brought out the worst in others, with Cybercrime, as well as pension scams, on the increase. Some key things to note:

  • Reported pensions scams are up by 400% since the Covid-19 outbreak
  • Stock market volatility has caused some people to consider transferring their pension pots elsewhere
  • Scammers are targeting people by phone, email & letter
  • Always be vigilant, pensions ‘cold-calling’ is illegal!
  • As well as losing your pension pot, you could also be subject to a hefty tax charge from HMRC!

Remember: The LGPS is a defined benefit, statutory scheme, backed by Government. Transferring is a risky business so you should always seek independent financial advice from an authorised & registered specialist. You can find one by searching ‘retirement adviser directory’ at www.moneyadviceservice.org.uk

Last updated: 19/08/2020

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