Daily Express - 07.08.2019

8 Daily Express Wednesday, August 7, 2019

DX1ST

By Giles Sheldrick
Chief Reporter

COMMENT

GUY OPPERMAN

Minister for Pensions

Picture: GETTY

to misinforming, mischarging,

overcharging and making a

fat living off the hard-earned

savings of pensioners.”

Mark Steward, of the

Financial Conduct Authority,

said: “It doesn’t matter

the size of your pension pot –

scammers are after your

savings.”

OPINION: PAGE 12

are all scams designed to

tempt savers into risking their

retirement income. Exotic or

unusual investments are high-

risk and unlikely to be suita-

ble for pension savings.

Yet nearly one quarter of

those aged between 45-

said they would be interested

in a deal of this sort if one was

offered. One in six said they

would listen to an offer from a

company claiming it could

help them get early access to

their pension.

And one in four said they

would talk with a cold caller

despite a government ban on

this method of drumming up

business. Those found knock-

ing door-to-door face fines of

up to £500,000. Last year vic-

tims reported an average loss

of £82,000.

MP Frank Field, chairman

of the Commons Pensions

Select Committee, said yes-

terday: “Ripping off pension

savers could be eliminated.

We are calling on the govern-

ment to shine the searchlights

into that part of the financial

industry that has settled down

Monday’s Daily Express... ...And a report from July

WHEN we think about people

“being scammed”, it’s all too

easy to assume it was their

fault – that they should have

seen it coming.

This is unfair. It ignores

the sophistication of the

snake oil salesmen who

target pension pots to

harvest, fleecing savvy

savers of the retirement

they deserve.

Their tactics are

constantly changing and

when they find something

that works they are ruthless

But I want to create a

generation of savvy savers

who know what a dodgy deal

looks like.

When I pick up my Express

and read about another

poor pensioner left

penniless after their pension

pot has been plundered it

infuriates me.

So let’s turn the tables on

these crooks. If it sounds too

good to be true, it probably

is – so seek advice, turn it

down, and report the

scammer.

in cashing in. People need

to get streetwise to the

honeyed words and empty

promises of these

charlatans.

They are cunning, callous

criminals with no regard for

basic human decency and

respect. Robbing someone

of their retirement is nothing

short of despicable.

So these conniving

con-artists must be stopped.

To that end, I’m sounding

this clarion call to Express

readers to get ahead by

thinking smart and taking

advice where necessary.

This Government has

banned pensions cold

calling and given pension

trustees the power to alert

savers if they smell a rat and

warn them against taking

money out of their pension.

WEALTH SKIPS A GENERATION

OLDER people are

handing more than

£8.5billion a year to

younger relatives, a

report says.

One in three over

55s is passing on

wealth as a gift rather

than leaving money

on death as an

inheritance.

The average age at

which people inherit

family wealth is

between 55 to 64,

says the Office for

National Statistics.

But the study by

financial services

provider OneFamily

found that many

younger relatives are

benefiting from a

financial “legacy”

earlier, for instance to

help them on the

property ladder.

It found £42billion

has skipped a

generation over the

last five years. Some

£19billion was left

directly to younger

recipients but the

remaining £23billion

was passed on by the

original beneficiaries.

More than half of

those aged over 55

who have inherited

wealth since turning

50 have chosen to

give it to children and

grandchildren.

Crackdown on sharks who

prey on our pension pots

A CAMPAIGN against fraud
is being launched today to
protect the vulnerable pen-
sion pots of millions of British
savers.
It comes as analysis reveals
cold calling, exotic investment
offers and promises of early
access to cash are being
used by scammers to raid
investments.
The Daily Express this
week told how unscrupulous
advisers were fleecing retirees
out of £2billion a year.
The Financial Conduct
Authority and the Pensions
Regulator have joined forces
to launch a scheme called
ScamSmart in response to the
crisis.
They warned that 42 per
cent of savers – equal to five
million people across the UK

• could be at risk of falling for
  at least one of six common
  tactics.
  Writing exclusively for
  the Daily Express, Pensions
  Minister Guy Opperman said:
  “When we think about people
  being scammed it’s all too
  easy to assume it was their
  fault – that they should have
  seen it coming; they were
  naive, or stupid, to be conned.
  “This is unfair. It ignores
  the sophistication of the snake
  oil salesmen who target
  pension pots.”
  Pension cold-calls, free
  pension reviews, claims of
  guaranteed high returns,
  exotic investments, time-
  limited offers and early access
  to cash before the age of 55

Savers need to be aware of the scams being targeted at pension pots

Four steps

to be sure

you’re safe

FOUR simple steps

can help you to

protect yourself from

pension scams...

ONE: Reject unexpected

pension offers made

online, on social media

or over the phone.

TWO: Check who you

are dealing with

before changing your

pension arrangements

• check the Financial
  Conduct Authority
  Register or call the
  FCA contact centre on
  0800 111 6768 to see if
  the firm you are
  dealing with is
  authorised.

THREE: Don’t be rushed

or pressured into making

any decision.

FOUR: Seek impartial

information and advice.

Fines

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