OAP pension scam warning

Photo of a woman annoyed with a cold caller.
Photo of a woman annoyed with a cold caller.

The National Fraud Intelligence Bureau is warning about a pension scam where cold callers continue to target members of the public aged 50 to 60 years old to release and transfer their pension early.

Suspected firms who advertise and arrange pensions are offering investments in alternative commodities such as hotel developments or property in Cape Verde, and operate as unregulated collective investment schemes.

Often, the cold calling ‘pension companies’ involved are neither regulated nor qualified to give financial advice and classify themselves as a ‘trustee’, ‘consultant’ or an ‘independent advisor’ and offer exceptionally high return rates for investors.

Some victims have signed documents that authorises a limited company to be set up using their personal details, called a Small Self–Administered Scheme.

Call Action Fraud on 0300 123 2040.