New Pension Freedoms Warning

09 March 2015

The new pension freedoms will be an 'open season' for fraudsters trying to steal people's savings, according to industry experts.

In one month’s time, under the new pension rules, it will be easier to access money in pension pots, but some industry experts are warning that these changes will also encourage criminal activity.

The government is advising people not to take cold calls from fraudsters posing as pension professionals. There are risks involved with making pensions savings easier to access. People, especially the over-55s, are warned to only take professional advice and not to get drawn into fraudulent pension schemes particularly those promoted through initial cold calls.