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Fraudsters target retirees with ‘free pensions review’

Pensions-savings-retirement-piggy bank

Suspected fraudsters are using the pension freedoms to target over 55s with promises of “free pension reviews” as a cover for pushing unregulated investments.

The Financial Times reports research by employee benefits consultancy Portus which found that out 1,088 people surveyed over 55, more than two-thirds had been offered a free pensions review.

Half of those polled said they had been approached more than once to invest in in schemes such as airport car parking spaces. Over a third of respondents said they had been approached up to five times.

Overall one in seven retirees had been approached by suspected fraudsters, yet just 12 per cent had reported it to the authorities.

Consumers are being targeted mainly through email and by phone.

Portus commercial director Steve Watson says: “The pension freedoms were a good idea and shouldn’t be trashed. But this change must go hand in hand with education and people should have access to good advice”.

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Comments

There are 4 comments at the moment, we would love to hear your opinion too.

  1. A warning on the FCA’s website should fix it. Not.

    That said, I disagree totally with the notion that these new unfettered access provisions are a good idea. They’re a Pandora’s box of troubles for everyone and, as we’re seeing, an open charter for scammers and rip-off merchants.

  2. Steve Watson’s comment ending, “but this change must go hand in hand with education and people should have access to good advice”, is brilliant in principle but where are the “good advisers” willing to see clients who may not be profitable to them?

  3. Gosh. Tedious survey for PR purposes.

    If you have been googling “Pension” for the last two years , the right hand paid for ad banner always contains a load of ’em intermingled with a few genuine outfits.

    Ditto “Investment”

    With as much analytical skills as ownuing an internet browser, logging onto Google and running two of the simplest searches, the FCA could keep themsleves busy for years. And it makes me cross that firms like Portus make out they are so damned clever when basically any halfwit can see all the evidence of the latest fad in scamming before their very eyes.

  4. Very cheeky headline. I think Natalie is having a dig. UK regulated IFA’s offer “free pension reviews”

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