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Cold-caller crooks steal PS46m from pensions; SAVING POTS PLUNDERED; Thousands fall victim to cruel con.

Byline: TRICIA PHILIPS

CROOKS have stolen PS46.7million from pension pots in the last four years, mostly via cold-call scams.

Some 3000 savers have fallen victim to bogus investment offers since pension reforms were announced.

And campaigners last night called for an immediate pensions cold-calling ban. Experts fear the 3000 retirement pots plundered since 2014 could be just the tip of the iceberg.

Cold calling is the most common method of pension fraud, yet it is almost two years since the Treasury announced a ban to protect savers. Due in June, it is now not expected to come into force until the autumn. Former pensions minister Baroness Altmann said: "The sooner PS91k Average amount stolen from each of the 253 victims last year 250m Number of scam made per year, according to research cold calling for pensions is outlawed, the sooner people will be better protected."

Action Fraud figures show crooks stole PS23million from 253 savers last year, averaging PS91,000 per victim. In 2016, the average was PS26,683. It is feared more cases go unreported.

Con artists typically offer free pensions reviews to glean personal details. Money Advice Service research shows there are about eight scam calls every second, or 250million a year.

The Financial Conduct Authority and Pensions Regulator found one in eight pension holders aged 45 to 65 would trust a free review. The FCA said: "We urge anyone thinking about transferring their pension to check who they are dealing with and only use firms authorised by the FCA."

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MISERY Caused by callous con artists

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Publication:Daily Record (Glasgow, Scotland)
Date:Aug 14, 2018
Words:261
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