Pension Scam More Likely for Degree Educated
Published / Last Updated on 12/11/2019
The Financial Conduct Authority (FCA) and The Pensions Regulator (TPR) have claimed that 22 years of savings could be lost in 24hours for victims of pensions scams.
Savers are falling for scammers tactics within 24 hours of contact.
- 63% of savers said they are confident when making decisions on their pension
- 63% would trust someone offering pension advice out of the blue
The more highly educated the person the more likely they could fall for a pension scam.
- 40% of people with a university degree would more likely accept advice on their pension from a company they had not dealt with before
- 21% would most likely take up an offer of accessing the pension pot early
The regulators are warning savers the signs of potential scams and be ScamSmart and check the details of any company you deal with, pension fraud can be devastating and leaves the victim facing retirement with limited income or no way of building their years of savings back up.
4 simple steps to help protect yourself from potential pension scams:
- Check the FCA register or call the FCA helpline on 0800 111 6768 to check the firm you are dealing with is authorised before changing your pension arrangements.
- Reject any unexpected pension offers made by telephone, online or via social media.
- Never be rushed or pressured into making a decision about your pension
- Consider getting impartial advice and information
Visit www.fca.org.uk/scamsmart and take the ScamSmart quiz to test how ScamSmart you are.