Beware the pension scammers

The Pensions Regulator (TPR) has updated it’s guidance about the dangers of pension savers being tricked into handing over their pension pots by scammers.

With an increased demand for early access to pension savings, there is clear evidence that more members of the public are being duped into transferring their pension funds to rogue pension arrangements

'Pension liberation fraud,' also known as ‘pension loans’ and ‘pension scams’, is when individuals are misled into transferring their pension savings to an arrangement that will allow them to access their funds before they are entitled to receive them.

Unfortunately, TPR is investigating an increasing number of cases where individuals are misled about the consequences of some transfers of pension funds which can result in a massive tax charge being incurred by the unsuspecting person.