A quarter targeted by pension liberation scammers

The survey by deVere Group found that 28% of those polled had been approached to ‘liberate their pensions’ since April.
 
The findings come as police figures show that losses from pension liberation fraud jumped 234% between April and May.
 
deVere CEO, Nigel Green, commented: 

“The alarmingly high figure from this poll, unfortunately, backs up our previously expressed fears that these pension freedoms will herald a ‘boom time’ for criminals aiming to scam savers out of their retirement savings.
 
“Now many pension savers have unprecedented access to significant capital sums, and the fact that more and more people are unsurprisingly seeking better returns in the current low interest environment, the fraudsters are increasing their activity to take advantage of this perfect storm.
 
“These scammers are becoming ever-more sophisticated in their tactics to target retirees and those on the cusp of retirement. Typically they tell their victims that they can benefit from ‘unrivalled returns’ by transferring their funds into often absurdly high-risk or bogus investments. In addition, they usually do not inform savers that their nest eggs can be decimated by high charges and taxes.
 
“In a broader context, the very notion of accessing a pension early flies in the face of the overriding principle of pensions – which is to ensure a secure income throughout retirement. Despite the new freedoms, people must remember that the funds should still be used as a pension."