The government have announced new rules to tackle online pension scams.
The Department for Work and Pensions and Guy Opperman MP is helping shut the door on social media scammers trying to plunder people’s pensions under new scam prevention measures due this autumn.
Back in the summer of 2019 experts in the industry were warning we could be on the cusp of the next big financial scandal after pension scams are costing the Brits up to £4 billion a year.
And only in May 2021, it was revealed by Action Fraud that £1.8m has been lost to pension fraud, in only the first 4 months of the year. Pre-pandemic it appeared that the number of pension scam reports were falling, but in the first three months of 2021, there was 107 reports of pension fraud, an increase of 45% compared to the same time in 2020.
Now under the new government plans, suspicious requests could be stopped if pensions savers have been approached to access or transfer their savings uninvited…