Pensions - Articles - One in four people could be at risk of a pension scam


helpandadvice.co.uk publishes latest analysis from Pension Scam Assessment completed by over 1550 people. See the full results and analysis from 2023 and 2022 here

 Around one in four people could be at potential risk of a pension scam, reveals helpandadvice.co.uk, following analysis of the highest ever number of its Pension Scam Assessments (as recommended by Money Helper, provided by the government’s Money & Pensions Service ‘MaPS’) completed between January and March 2023.

 The average scam likelihood score was 25%, meaning that of the 1562 people that completed the assessment, a quarter of cases had associated red flags. While a red flag does not guarantee a definite scam, it does mean further investigation is needed. Having tracked the data for over a year, helpandadvice.co.uk has found that the potential likelihood of a scam consistently remains at around 25%.

 Almost one in five (17%) of people were told that they could achieve higher investment returns should they transfer, perhaps in response to the market volatility seen in Q4 of 2022. Pushing people to make a quick decision is often a red flag, and 15% of people experienced this. Nearly one in 10 (9%) were told the adviser knew of loopholes to access higher levels of tax-free cash, a substantial increase on the previous quarter where only 2% were told this.

 
 

 The Full Results

 A full breakdown of the results for 2022 and Q1 2023 can be found here - 
  

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