NatWest warns ‘watch out’ for cruel pension scam | U.Okay.Finance News
NatWest is warning pension savers to beware of fraudsters focusing on their financial savings. In 2024, one in seven UK adults confronted an tried pension scam. Data from LV= signifies that such scams value up to 4 million people money final yr.Listing the scam on its web site as one to “watch out for”, the bank stated a pension scam sometimes entails a felony focusing on somebody who has entry to their pension, and entails encouraging them to maneuver the funds. Generally, you may solely begin withdrawing money from a pension at age 55, making this demographic probably the most at risk.NatWest defined that scammers use completely different strategies to focus on your pension earlier than sharing the 4 most “common” ways to watch out for. Firstly, it warned people to be cautious of surprising calls. The bank stated: “There has been a Government ban on cold calls regarding pensions, so you shouldn’t receive them unless you have asked them to.”One key tactic used is offering you early entry to your funds. NatWest defined: “Someone offering a way to access your pension before you retire could be a scam. Even if it’s legitimate, early withdrawal could result in charges. Check with your pension provider using contact details on their website.”They might also body the scam as an investment alternative.NatWest stated: “If someone calls you out of the blue offering you an investment scheme with attractive returns for your pension pot, then it’s likely to be a scam.”Finally, pushy ‘advisors’ are one other crimson flag to be cautious of. In these situations, it’s possible you’ll be pressured into making a fast choice about a ‘new’ scheme or inspired to switch your pension shortly.To help retirement savers keep away from dropping out to cruel fraudsters, NatWest shared 5 “top tips”.
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