Prospect pensions officer Joe Anderton says pensions scams are on the rise but points out some of the warning signs and offers some simple steps to protect yourself.
We want our members to have a safe and secure pension for their retirement.
Unfortunately, scammers are targeting money in pensions and the current pandemic has drastically increased scam activity as people are being tempted with the promise of being able to access their pension early, in a time when many are having financial troubles.
What is a pension scam?
Pension reforms were introduced in April 2015 that gave people greater freedom in how they use their pension and offered over 55s the opportunity to take their pension as a one-off lump sum.
Individuals now have more freedom over what to do with their pension pot, which is generally positive as it provides people with different methods for funding their retirement. Unfortunately, with millions of pounds of pension…