The pensions regulator is taking action against pension scams

Written by Cailín Reilly, BrightPay Payroll: A pension scam is where an individual tries to con you and your business out of your pension money. The Pensions Regulator has travelled across the UK to meet with pension advisors to highlight warning signs of workplace pension scams. These preventative measures were taken by TPR to warn payroll advisors about the risks and to ensure their clients do not fall victim to a scam. They were also aiming to ensure that the payroll advisors understand the appropriate steps to take if their clients have been scammed.

Here are some of the tell tale signs of a pension scam:

1. Receiving cold calls in relation to a pension.
2. Asking to transfer large sums of money.
3. Offering assistance to access the pension early / before 55.
4. Asking to transfer money ‘quickly’ or a general expression of haste.
5. Proposing ‘unique’ or ‘overseas’ investment opportunities.

If you suspect a pension scam you can report your concern directly to Action Fraud – the national fraud and cybercrime reporting centre in the UK.

Written by Cailín Reilly, BrightPay Payroll

BrightPay is exhibiting at Accountex Summit North & Accountex London 2018. 

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