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FCA and TPR warn on pension fraud

Economy

A Financial Conduct Authority and Pensions Regulator poll has found that two-fifths (42%) of pension savers would be likely to fall for common tactics used by fraudsters. Nearly 45% of the 45 to 65-year-olds surveyed said they would discuss their pension with a cold caller, while one in six aged 45 to 54 would be interested in speaking to companies that could help them take money from their pension early, despite withdrawals below the age of 55 not being permitted and drawing a 55% tax penalty from HMRC. Almost 3,750 victims of pension fraud were reported in 2018 and they lost an average of £82,000.

 

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