According to the results of the latest Pension Scam Assessment report from Help & Advice, the number of people being approached unsolicited regarding the transfer of their pension increased in the second quarter of 2023, with this quarter seeing the highest ever number of Pension Scam Assessments completed at 1,685. The report also found that 5% of people who completed the Pension Scam Assessment tool were approached directly, whilst 25% of those approached were pressured to make a quick decision on whether to transfer.
Commenting on the findings, Saq Hussain, Help & Advice spokesperson, said: “We’ve been in a cost-of-living crisis for some time now, with both inflation and mortgage rates rising. Scammers will tap into the prevailing mood of concern about finances… realising the assets within a pension may be the only option left for some people. Worryingly, one in four people are being urged to make a quick decision on transferring their pension and this does not sit comfortably given the current environment.”
Help & Advice have a “pension scam assessment tool” which asks a number of questions regarding the pension transfer and provides the user with a percentage chance of the likelihood that the transfer could be a scam.