Beware rise in pension scams

A MAJOR insurer says the number of customers asking to transfer their pensions to suspected scams has tripled.

Aegon says 60 savers a month are being targeted by crooks in 2016, up from 20 last year. The fraudsters typically cold- call victims and offer free pension reviews.

They then promise big returns if customers transfer cash into risky investments such as wine or overseas property.

Savers who sign up risk losing their nest eggs — either because their cash is stolen or lost in risky schemes.

Victims of so-called pension liberation scams who take nest eggs early can also be hit by hefty 55 pc tax charges.