THE £46MILLION GREAT PENSION ROBBERY
Thousands hit as crooks steal savings pots with cruel phone con
CROOKS have stolen £46.7million from pension pots in the last four years, mostly via cold-call scams.
Some 3,000 savers have fallen victim to bogus investment offers since pension reforms were announced.
Care support worker Jenny Ringstead, 48, and her husband lost £65,500 and went bankrupt due to one scam.
She said: “We’re going to struggle for the rest of our lives, I’m devastated.”
CAMPAIGNERS are calling for an immediate pensions cold-calling ban after it emerged £46.7million has been stolen from pots since freedoms were announced.
Fraudsters have raided 3,000 retirement pots since 2014, and experts fear it could be just the tip of the iceberg.
Cold calling is the most common method of pension fraud, yet it is almost two years since the Treasury announced a ban to protect savers.
Due in June, it is now not expected to come into force before the autumn.
Former pensions minister Baroness Altmann said: “The sooner cold calling for pensions is outlawed, the sooner people will be better protected.
“So many people have already suffered from such pension frauds, and they almost all start with a cold call.”
Action Fraud figures show crooks stole £23million from 253 savers last year, averaging £91,000 per victim. In 2016 the average was £26,683. It is feared more cases go unreported.
Conmen typically offer free pensions reviews to glean personal details, then offer “once-in-a-lifetime” investment opportunities requiring rapid action.
Money Advice Service research shows there are about eight scam calls every second, or 250 million a year.
The Financial Conduct Authority and The Pensions Regulator found one in eight pension holders aged 45 to 65 would trust and accept a free review.
FCA said: “We urge anyone thinking about transferring their pension to check who they are dealing with and only use firms authorised by the FCA.”