COVID-19 scam warning
Unfortunately, we know that the current climate means that there is a heightened risk of scam activity, as scammers look to take advantage of the economic uncertainty surrounding the COVID-19 outbreak. We therefore ask that all of our Members remain vigilant.
Like many scams, the promise of extra money during difficult times can sound very tempting. But these one-off investment opportunities, pension loans or up-front cash offers typically involve high tax charges and penalties, and you risk losing your retirement savings.
The Pensions Regulator is urging pensions savers to stay calm and not to rush any financial decisions. We would encourage you to visit the Money and Pensions Service website for advice before making any decisions about your retirement savings: https://www.pensionsadvisoryservice.org.uk/. The MPaS website also contains Information that might be useful for any members who are concerned about the effect of the current economic conditions on their pension.
If you suspect you are being targeted by a pensions scammer, please exercise extreme caution and visit this website which contains valuable information: www.fca.org.uk/scamsmart
Please stay alert – and remember that if something seems too good to be true, it probably is!