Thursday 17 October 2013

Pension fraud crackdown

The National Crime Agency has closed down ten websites designed to to deceive members of the public into losing much of their pension savings.

It is the latest move in on ongoing effort to crack down on pension liberation fraud, under which savers and persuaded to hand over their pension pots in exchange for instant cash.

The transfer can result in significant losses and a substantial tax charge.

The government has warned against companies which prey on people in financial distress using hard-sell techniques.

In May the City of London Police raided a suspected organised crime gang believed to be cold-calling and text messaging pension holders across the UK.

The NCA said people trying to look at the websites will be redirected to a page on the Action Fraud website providing information on identifying and reporting pension liberation fraud.

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