Wiganers urged to be vigilant against pension fraud

Greater Manchester Police (GMP) is highlighting the problem of criminals encouraging people to cash out their pension and put the money into fraudulent and unregulated investments with the promise of high returns.

Wiganers should be wary if an individual or company contacts them unexpectedly about pension money by phone, text message, email or in person.

Scammers will claim victims can access pensions before the get of 55 and that they can help them do this.

They also encourage people to take out a large lump sum, or the whole pension pot in one go, and let them invest it

Alarm bells should ring if the person or firm pressures people into making a decision, asks for money to be transferred quickly or documents to be sent by courier, uses words or terms like "pension liberation", "loan", "loophole", "free pension review" or "one-off investment" or offers investments described as "unique", "overseas", "environmentally-friendly", "ethical" or "in new industry".

GMP says residents should reject unexpected offers, hang up on cold callers and ignore unsolicited emails and text messages.

Anyone offering advice or financial services should be authorised and on the FCA Register.

Police say residents should not be rushed or pressured and take time to make checks. People should also be wary of promised returns that sound too good to be true.

Independent and impartial advice is available from the Pensions Advisory Service or Pension Wise for over-55s.

Detective Sergeant Stacey Shannon, of GMP’s Economic Crime Hub, said: “Falling victim of a pension scam can be truly devastating, with victims losing money they have saved throughout their lives and potentially facing a retirement with little or no income.

"This is why I would urge people to check before they part with their hard earned money – check who you are dealing with, check they genuine and check you are happy before rushing into anything.

“If a company or individual has contacted you out of the blue, simply hang up, delete the message or walk away."

Anyone who feels they may have been the victim of a scam can report it to Action Fraud by calling 0300 123 2040 or visiting www.actionfraud.police.uk