With the increase in people being targeted by pension scams, The Pensions Regulator (TPR) has launched a new campaign to urge people to keep their eyes and ears open for pension scams.
The new campaign features a series of animations including one that reminds people to look out for scam sites that dress themselves up with anti-scam messaging and pose as legitimate pension businesses. Another focuses on the need for people to hang up immediately on pension cold callers.
The new campaign is part of The Pension Regulator's latest fight against pension scams. Heading up Project Blom, a multi-agency task force designed to combat scams, they are working with a range of stakeholders including law enforcement agencies, the government, and the pensions industry itself. Earlier this year, they spent six months travelling the UK meeting financial advisors in every part of the England, Wales, Scotland, Northern Ireland and the Isle of Man to spread the warning about fraudsters.
Mike Broomfield, TPR's Head of Intelligence, said:
"Scammers are always developing new ways to try to get their hands on people's pensions so everyone needs to be on the lookout for potential traps."
"Calling pension scheme members out of the blue and creating impressive-looking websites to snare potential prey are two methods they use to separate victims from their funds."
"We need consumers to help us find and stop scams. We can all use our eyes and ears to spot the scammers before they can profit at our expense."
The issue of pension scams has always been one of concern but has come to the fore since the advent of pension freedoms. Now that people over the age of 55 have complete access to their pension pot and can do what they like with it, the numbers of scams and scammers have dramatically increased.