Pension scams: the facts
Pensions are changing. From April 2015, pension scheme members can access their pension savings in new ways. Pension scammers will try to lure members with promises of one-off investments, pension loans or upfront cash. Most of these are bogus.
Pension scam models are also changing. Many scammers are directing members to transfer into single member occupational schemes in an attempt to escape scrutiny.
If the member is under age 55, they cannot release their pension unless they are in ill health. If members are over 55, they can release funds from their pension from April 2015. They may still be at risk from scammers.