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Pensions: Increased risk of being targeted by scammers

Pensions at increased risk of being targeted by scammers

The Pensions Regulator (TPR) has warned that pensions are at ‘increased risk of being targeted by scammers’ during the COVID-19 pandemic.

In a message to trustees, the TPR said: ‘Savers might increasingly look to transfer their pension, prompted by the instability of their employer or the financial markets.’

If a saver asks about transferring their pension, urge them to exercise extreme caution and visit ScamSmart which has specific guidance relating to COVID-19. Trustees should also signpost their members to the Money and Pensions Service ‘particularly those approaching retirement and whose pension may have been affected by the current economic conditions.’

TPR – COVID-19

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