Henley Citizens Advice Bureau alerts pensioners to potential
Henley CAB has issued a warning to pensioners about scammers
targeting their pension savings in the wake of the new pension
Five types of scams have been reported:
1. Pension "transfers": Scammers charge pensioners high fees for
moving their pensions but nothing happens; or the money is moved
without their permission; or, if the pensioner agrees to the
transfer, the money vanishes or is transferred to fraudulent
2. Pension savings become "investments": People are told that
they can get more out of their savings by investing in goods like
wine, or "revolutionary" new products or projects.
3. Pension "advice": Scammers offer '"free" pension advice or a
review of the victim's savings, which can cost money and be
useless, or might just be a cover for obtaining crucial personal
4. Pensioners are offered services for a fee. In some cases no
service is provided at all. In others, a service is provided but it
is either expensive or not in the consumer's best interest.
5. Contacting people by email or telephone, scammers persuade
victims to hand over personal data like their National Insurance
number and bank account details. Sometimes the scammers will use
information they already have, such as name of the victim's
employer or pension provider.
Pension scam advice
1. Inform someone else about a possible scam, an unsolicited
phone call or text, or offer of money.
2. Never give out your bank details or send money unless you are
certain you can trust the person who has asked you to do this.
3. Don't feel pressured to make a decision straight away. Take
4. Seek advice by calling the Citizens Advice consumer service
on 03454 040506
5. Report a potential scam to Action Fraud on 0300 123 2040
People approaching retirement with a defined contribution
pension pot will be able to get face-to-face help from a Pension
Wise expert in their local Citizens Advice Bureau. Make an
appointment by phoning Adviceline on 03444 111444 or dropping in to
the bureau. For CAB opening hours, see www.caox.org.uk Alternatively,
visit the government's Pension Wise website or telephone 030 0330
Last Published: 31/08/2015 14:17:50 | Document Created: 09/06/2015 14:45:21