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Pension scammers continue to target over-50s with free advice offer

One in seven non-retired people aged over 50 were targeted by scammers in the past three months, according to Retirement Advantage.

Retirement Advantage commissioned Censuswide to conduct 1,003 online interviews from 6 to 9 March with non-retired people aged 50 or over who have defined contribution or individual pensions.

The survey found 14 per cent of people were approached by phone, text or email in the past three months by companies offering free pension advice or investment opportunities.

Retirement Advantage warns people should continue to be wary of unsolicited approaches by email, phone, in writing or by text message.

Pensions technical director Andrew Tully says: “Pension scams are one of the unintended consequences of the pension freedoms and, three years on, we are only just getting to grips with the issue. Scammers are using increasingly sophisticated ways of conning people out of their money.”

A cold-calling ban is expected to be in place by June following the tabling of new amendments to the Financial Guidance and Claims Bill in early March.

The legislation is currently working its way through parliament and is in the report stage.

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