More pension scam calls

There's continuing concern about scams from the bodies charged by the government with giving guidance about the new pension freedoms.

The danger is that fraudsters pressurise the over-55s to withdraw cash from their pension schemes and sink it in dodgy investments.

Citizens Advice and The Pensions Advisory Service told MPs today that they were receiving more calls for help from people who said they were being targeted, though there is hope that public warnings are having some effect.

Rachael Badger, Head of Policy Research, Citizens Advice

We have seen a bit more of a growth in problems with scams, particularly around people aged over 55, since April.

And we are seeing more customers who are becoming repeat targets of scams.

And it's things like people are being asked by fraudsters to give access to their pension pots for high promised rates of return, options to invest in property abroad and fine wines, that sort of thing.

Michelle Cracknell, The Pensions Advisory Service (TPAS)

We are receiving more calls on our helpline about investment scams but we are receiving more calls before the event (being scammed) rather than after the event...so that's good news.