Scammers can be knowledgeable with credible testimonials and professional materials that are hard to distinguish from the real things.
If you transfer into a scam you run a real risk of losing a significant amount, if not all of your pension savings, as well as high commission or arrangement fees.
Accessing your pension early is only allowed under very special circumstances such as ill health. If you transfer and access your pension before age 55, you will face significant tax penalties of up to 55% of the value of your pension.
This means you may end up receiving very little or none of your original investment and you could end up owing HMRC money.
The average victim loses £91,000k.
To find out more about pension fraud and what to do if you think you have been targeted visit the Pensions Regulator's website.
The NESPF office will be closed from 4pm on Thursday 24th of December until 10am on Tuesday 5th January for the Christmas break.
The North East Scotland Pension Fund is delighted to announce we have moved to a new office.
Considering your pension value sooner rather than later can make a huge difference in ensuring you are on track for the retirement you want.
Pension Scams are on the rise, learn more about how these operate, how to protect yourself and what action to take if you are approached.