their hands on someone\u2019s pensions<\/a>. Report Fraud said one is impersonation fraud where someone pretends to be the victim using personal data and tries to access the pension pot directly. Ms Pomfret added: \u201cAnd so the big thing there is trying to protect our personal data where possible, making sure passwords are protected, and that your identifiable information is kept private so that no one else can kind of impersonate you and access your pension pot.\u201d<\/p>\nThe second one is investment scams, and this is where scammers create adverts, brochures, websites to convince the victim to move some or all of their pension to them.<\/p>\n
Ms Pomfret said: \u201cWe\u2019re all online now of all ages, and so it\u2019s very easy to be targeted very quickly through an ad that looks genuine. Your money is then often put into high-risk schemes such as overseas property or energy schemes, or it\u2019s not put anywhere at all – it\u2019s literally stolen from you and put into the pockets of scammers.<\/p>\n
\u201cThree men were convicted of this, actually, and over 3,000 people were persuaded to invest into this ‘ethical forestry scheme.’ \u00a370 million was stolen overall, and whilst victims are waiting for long-term returns in an ethical investment, the fraudsters spent the money on fancy homes and cars and they disappeared off into the distance.\u201d<\/p>\n
According to the expert \u2018pension liberation fraud\u2019 is where scammers try and access a person\u2019s pension earlier than pension age. She said: \u201cThey want the pension funds early and make some form of investment with them. Again, this was another headline that we saw: two men were found guilty of a fraudulent liberation scheme where \u00a33.7 million was taken from dozens of vulnerable people\u2019s pensions. And this shows that pension fraud can happen at any age, not just as you\u2019re approaching that retirement number.\u201d<\/p>\n
She said people need to watch out for a number of \u2018warning signs\u2019: \u201cThe first one is the fact that if this is unsolicited contact\u2014if someone contacts you out of the blue, as we said online\u2014if it\u2019s out of the blue, it isn\u2019t for you. It should immediately raise concern because there isn\u2019t a need for people to proactively contact you about your pension, about investments. Again, it should be normal contact, regular statements. Can you go log in? Can you go speak to your provider? If someone\u2019s contacting you out of the blue, that is a bit of a red flag. So look out for those unexpected methods of contact.\u201d<\/p>\n
Language is also key, she explained, and people should look out for five phrases: \u201cBut if you have been approached, think about the language that they are using in this\u2014I guess it\u2019s a bit of a sales tactic. Things like: are they saying \u2018pension liberation,\u2019 \u2018early access,\u2019 \u2018unlock your pension,\u2019 \u2018limited time offer,\u2019 \u2018low risk, high reward\u2019? These phrases should trigger something in you that should make you feel a bit uneasy because this promise of exceptional profits should be ringing alarm bells. Big returns are a warning sign. Investing\u2019s boring\u2014I hate to admit it, but it really is. It\u2019s slow, it\u2019s monotonous, it\u2019s over time, it\u2019s not like the movies. And so if something sounds too good to be true, or it makes you feel a bit uncomfortable, it probably is.<\/p>\n
\u201cAnd they will use also pressure tactics, so watch out for \u2018you can only do this now,\u2019 \u2018this investment is closing,\u2019 \u2018you don\u2019t need to take independent advice, they won\u2019t know what this scheme is, come with us and do this scheme.\u2019 Anything like that that makes you feel a bit uneasy when it comes to pensions, you should be staying away from.\u201d<\/p>\n
If someone is unsure they can check the Financial Conduct Authority (FCA) register to see if the company is legitimate – and make sure the contact details are the same too in case someone is impersonating the company. She added: \u201cIf you think you have fallen victim to this and you maybe are in the process of transferring your pension to somewhere that you feel a bit uneasy about – contact your existing pension provider immediately. They may well be able to stop this because pensions are slow – these companies do not move quickly like the existing legitimate companies. They may be able to stop the transfer of funds and may just be able to help you out. But the important thing about all this is: it is normal to be targeted approaching pension age, there are ads everywhere. Be aware and make sure that, you know, you don\u2019t put your life savings at risk.\u201d<\/p>\n
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