Warning over pension scam after conmen target savers in Angus

Angus residents have been warned to be vigilant following reports that a notorious pension scam is doing the rounds.

The county’s adult protection committee’s financial harm sub committee is advising residents over the age of 50 to be on alert to phone, email and online offers which have been in evidence in Angus.

The cases involve a scammer who has been trying to persuade people to transfer funds from their accounts.

Mark Hodgkinson, Angus Council’s adult protection and review officer, said: “In one recent incident, scammers managed to get 22 years’ worth of pension savings from one person within 24 hours.

“It is alarming that many pension holders still seem willing to discuss their pension details with someone who calls them out of the blue.

“The impact is severe and potentially ruinous, both financially and emotionally.

“It is an absolute tragedy to learn that people who have worked hard all their lives have been scammed out of all their pension savings within the space of a day.”

The average loss incurred by a single pension fraud is said to be more than £90,000, although far higher sums have been stolen.

Uk-wide in 2017, it was estimated that losses to this particular type of scam were around £10 million.

Independent financial adviser Martin Mayo said research showed more highly-educated people with decent pensions were often at greatest risk.

He said: “It is not just vulnerable people who are at risk.

“We strongly advise people to follow the advice of the Pensions Regulator.”