Sam Richardson, Deputy Editor of Which? Money, said:
“Pensions have always been a target for fraudsters, but the rising cost of living and current turmoil surrounding pension funds has created a new opportunity for criminals to exploit using sophisticated scams.
“With more than half of pension pots being withdrawn fully into cash, some savers are at risk of losing large sums of money to a range of scams, from bogus investments promoted online, to fraudulent texts attempting to play on people’s fears about their defined contribution pension savings.
“In order to protect themselves, consumers should be wary of being contacted out of the blue. If you have received a cold call, hang up and report the number to the Information Commissioner’s Office. Several investment scam attempts promise guaranteed high returns on low investments – these should be treated with extreme caution, and financial guidance or advice should be taken before making a decision affecting your pension. If a deal sounds too good to be true, it usually is.”
Notes to Editors