Experts issue pension scam warning

Scam online

A warning has been issued to the older generation to look out for scams aimed towards pensions.

The Pensions Regulator (TPR) recently presented a warning to members of the UK’s older generation to be aware of pension-related scams. The TPR is dedicated to protecting workplace pensions in Britain and commented that specific scams are presently posing a greater risk than ever before due to the cost-of-living crisis. It stated that people who are now struggling financially could potentially be more susceptible to failing to recognise the nature of scams because of their desperate state.

In response to the growing threat, TPR has now launched a brand-new, three-year strategy designed to crack down on scams that use a pension-focused format. Additionally, it has highlighted a wide range of different scam types in detail, which customers can be on the look-out for.

UK savers seeking to preserve funds for retirement plans and sidestep scams often seek independent financial advice in Chester and other important UK cities. Along with providing portfolio management and retirement planning, financial experts like wealth managers can also be called upon to advice on the legitimacy of an investment opportunity and can protect their clients from fraudulent schemes.

Any person who saves parts of their income or savings into a pension can become a victim of a malicious pension scam. Regardless of how careful an individual is with their money, scams can still catch people out. Pension scams come in a wide range of different forms and can often appear entirely genuine on the surface to start with.

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