New scam warning shows pension scheme members still too willing to take unnecessary risks

Commenting on the latest warning on pensions scams from The Pensions Regulator and the FCA, Ian Bell, head of pensions at RSM said: 

‘This latest analysis from The Pensions Regulator underlines just how quickly a pension scheme member can lose their savings that have been built up over a lifetime. 

‘Awareness around pensions scams is growing, but these findings show that more needs to be done to make sure the message gets through as scammers will continue to adapt to avoid any obstacles that are put in their way. 

'Even those who you might think would be more wary are still willing to take unnecessary risks. Very often a person’s pension savings are one of their most valuable assets, so they should resist any pressure to make a quick decision without seeking impartial advice.

‘The pensions industry is playing its part in trying to tackle scams but there are still legal loopholes which enable scammers to operate with impunity. Sadly, the general election has pushed back the new pensions legislation designed to address these loopholes so we hope that whoever wins the election gives this issue prompt attention in the new year.’