The surging cost of living could result in more vulnerable people being taken in by the fake promises of pension scammers this winter, The Pensions Regulator has warned

The surging cost of living could result in more vulnerable people being taken in by the fake promises of pension scammers this winter, techgadgeton The Pensions Regulator has warned. 

To highlight the magnitude of the threat posed, TPR estimates that £2.5trillion worth of pension wealth in the UK is ‚accessible‘ to fraudsters, which represents a ‚huge target base for criminals‘. 

The regulator, which has published a list of seven key pension scams to watch out for,  is concerned that savers may be lured by offers to access their pension savings early to cover essential household bills or be attracted by fake investments offering high returns that never materialise. 

In a bid to stay one step ahead of the crooks, TPR has today launched a fresh pension scam-fighting strategy. 

The regulator said it would do more to educate savers about the threat scams pose, and prevent practices which harm people’s retirement pots and plans.

As part of its new strategy, TPR has outlined different types of pension scams, including investment fraud and fake pension liberation scams. 

It has also highlighted ‚recovery room‘ scams, where fraudsters approach pension savers who have been defrauded already, and offer to help them get their money back for an upfront fee. 

<div class="art-ins mol-factbox money" data-version="2" id="mol-59910e70-1330-11ed-8772-034062069a33" website pension scams to watch out for as crooks prey on the vulnerable