Savers are nearly three times as likely to be contacted by pension scammers following Chancellor George Osborne’s Budget pensions reform announcement in March,
Some 42 per cent of 2,000 people surveyed said they have been approached by firms offering to help them access their pension since the Budget, research commissioned by Phoenix shows. Prior to the announcements, this figure was just 15 per cent.
More than one in ten 18-to-34-year-olds say they have already released some or all of their pension as cash after being contacted by scammers.
Of those who want early accesss to their pension, 29 per cent said they would speak to an adviser but 46 per cent admitted they would only speak to family and friends.
Phoenix intelligence and investigations manager Parminder Dhothar says: “The increase in aggressive targeting by pension scammers in the last nine months is very concerning; people can lose their life savings to these con men.
“Many unscrupulous businesses offer customers the opportunity to unlock their pension in exchange for cash, before they reach 55, and often without making them aware of the fees they are charging for this service. The fees can be as high as 30 per cent.
“People are being deceived into making transfers into these schemes even though many people in defined contribution schemes will be able to access cash directly from their pensions from April 2015.”