Pension s cams, in which criminals cheat people out of their pension pots, are increasing.

There are different types of s cam. They often begin by someone giving you a ‘cold call’ - contacting you unexpectedly about:

• an investment or other business opportunity that you’ve not previously spoken to them about
  
• taking your pension money before you’re 55
  
• the ways that you can invest your pension money
  

A cold call doesn’t have to be a telephone call. It can be any type of contact they’ve made with you unexpectedly, eg an email.

S cammers may offer you tempting ways to invest your pension pot, eg investing it in a new hotel being built in an exotic location.

Most of these offers are fake but can appear very convincing. Their aim is to get you to cash in your pension pot and transfer the money. Once you’ve transferred your money into a [problem], it’s too late. You could lose all your pension money as well as face tax of up to 55% or huge additional fees.

How to tell if it’s a s cam

Watch out if an individual or company:

• cold calls you about your pension money through a phone call, a text message, visiting you in person, or in other ways
  
• says you can access your pension money before 55 and that they can help you with this
  
• encourages you to take out a large lump sum, or your whole pension pot as cash, and to let them invest it for you
  
• asks you to transfer your money quickly, even sending documents to you by courier - never make a rush decision about your pension money
  
• uses words like ‘pension liberation’, ‘loan’, ‘loophole’, ‘free pension review’ or ‘one-off investment’
  
• offers you an investment described as ‘unique’, ‘overseas’, ‘environmentally friendly’, ‘ethical’ or in a ‘new’ industry
  

https://www.pensionwise.gov.uk/[problem]s

FCA steps up s cams campaign ahead of pension freedoms

The FCA has stepped up consumer warnings over investment [problem]s as the 6 April pension reforms deadline approaches.

People should reject cold calls, check the FCA’s warning list and take financial advice to tackle fraudsters targeting their pensions savings, the regulator says.

The regulator urges people to use its dedicated S camSmart smart.fca.org.uk/"]website to spot the warning signs of a [problem], view a list of suspect firms and smart.fca.org.uk/page/get-independent-advice"]find an adviser through directories.

Your pension secrets sold to conmen for five pence: On eve of pensions revolution, an exposé that will horrify every family in the land

Why is the word 's cam' on the banned list?

Surely it's one of the most common words used on cag but it makes reading quite challenging when edited to al sorts of different versions.

The Pensions Regulator has issued new information on how to avoid pension scams.

http://www.thepensionsregulator.gov.uk/

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More guidance from Citywire.

http://citywire.co.uk/money/pensions-5-ways-to-detect-a-fraudster/a884552?re=38753&ea=244893&utm_source=BulkEmail_Money_Daily_Summary&utm_medium=BulkEmail_Money_Daily_Summary&utm_campaign=BulkEmail_Money_Daily_Summary

HB