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Pensions are constantly evolving and there may be changes that affect your membership, so it’s important to keep up to date with what’s happening.
New laws target pension fraudsters
21 Aug 2019
The ban came into force on 9 January 2019, and means unsolicited phone calls, texts and emails are against the law.
Fraudsters use cold calling to try and steal your life savings or tempt you to invest in a high-risk scheme which is totally unsuitable for your pension.
A scam usually starts with an unexpected call, text, email or social media message. Other warning signs are:
- Promises of a tax-free lump sum worth more than 25 per cent of your pension’s value
- Early access to your pension before the age of 55
- Pressure for a quick decision
- Get-rich-quick investments 'guaranteeing' a high return
- No company contact details - just a mobile phone number or PO Box address
Cold calling is now banned, but you should still be on your guard. Remember! If you take cash early you face a hefty tax penalty. If you transfer it overseas, it could vanish forever.
