Retirement: 1 in 3 over 55s targeted by pension scammers

1 in 3 over 55s targeted by pension scammersNew research has revealed that the number of people being targeted by potential pension scammers has risen significantly over the past 12 months. The figures, produced by pension provider Retirement Advantage, reveal that: 35% of people over the age of 55 have been contacted by potential pension scammers over the past three months This is up from 20% during the same period last year Scammers usually target potential victims via a cold call, or unsolicited text or email offering free pension advice, early access to a ...

5 things we’ve learnt in the first week of Pensions Freedom

5 things we've learnt about pension freedoms in the first weekAfter just a year of ‘development’, the first few days of Pensions Freedom were always going to be interesting. Some people were predicting ‘pension Armageddon’ with thousands rushing to cash in their pension, whilst others thought it would pass more quietly. So what actually happened? Here are five things we’ve learnt in the first week of Pensions Freedom. #1: The pension scammers are out in force Pension scams are nothing new, but the new rules certainly seem to have given scammers and cold callers ...

FSA warning over pension scams

The Financial Services Authority (FSA) issued a warning this week over companies offering to release money from pensions before the permitted age of 55. FSA pension warning Pension rules mean that you have to be 55 to access your fund, with the only exception being a terminal illness. Once you have reached the age of 55 you can take up to 25% of the fund as a tax free lump sum with the balance providing an income, usually in the form of an Annuity. However, these scams have offered vulnerable individuals the possibility of accessing the pension earlier. The scams usually involve an ...