Scam warning on pension reviews!

It has been revealed that millions of pounds have already been lost due to a pension review scam that targets pension holders!

A warning has been issued as the fraudsters are tricking people out of their life savings in seconds. Over 55s have had more flexible access to their pensions since April and it seems the fraudsters are taking full advantage of this.

The criminals have been offering early access to pension pots through their fake scheme so people are being warned to be vigilant when looking into pension reviews.

Pensions Minister Baroness Altman has told The Mirror: “Criminals often lay a ­sophisticated trap with glossy brochures and websites that make them look highly credible. One victim almost handed over £90,000 after an offer of a free pension review.”

Lesley Titcomb, of the Pensions Regulator, warned: “Check before you make an irreversible decision. A ­lifetime’s savings could be lost in a moment.”

If you are contacted randomly about your pension savings then things could be too good to be true. If the company seems to be bribing you with a one-off investment opportunity and cash bonuses then it is almost definitely too good to be true. Never agree to transfer you funds overseas!

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