Pension Liberation and Scams complaints still a cause for concern

17 Mar 2017

Following a report recently published by the Pensions Ombudsman it was identified that Freedom and Choice has contributed to a significant increase to the number of complaints received by the Ombudsman. 
The Ombudsman confirmed it had completed over 1300 investigations, of which 20% were related to pension liberation complaints.  Although the growth over the last year is less than the previous year, the report confirmed that since the introduction of pension freedoms the increased risk from pension liberation and scams was still a real cause for concern.

The Trustee consequently remain concerned by the threat posed by pension liberation and will continue where possible to remind fund members of the inherent risks and would request that Fund members remain vigilant to potential threats.

Tactics employed by pension scammers are designed to encourage Fund members to transfer their pension savings to them. Some of the tactics used by pension scammers include offering free pension reviews, health checks and promises of better returns on their savings, pension loans, upfront cash or other promotions to tempt them. 

If you are approached and offered too good to be true opportunities please think carefully and ensure you seek appropriate financial advice before transferring any pension benefits you might have.  For more information on this please visit the Governments website www.pensionwise.gov.uk