Pensions: 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.’
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