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Regulators tell savers to ‘stay on guard’ over Pension scams

Article by Alex Janiaud, Pension Expert Website

On the go: The Pensions Regulator, the Financial Conduct Authority and the Money and Pensions Service have joined forces to warn savers against scams.
The watchdogs said they fear that “recent headlines over squeezed household finances may leave savers more vulnerable to scammers”. The regulators also called on trustees to remain vigilant on scams.
There are concerns that recent news, including the coverage of October’s gilt crisis, may push savers “to incorrectly decide there is a risk to their retirement pots and make rushed decisions about their finances”. 
The watchdogs have not yet seen evidence of an increase in scams.
“Pension schemes are not at risk of collapse,” said TPR executive director of frontline regulation Nicola Parish. 
“It’s vital that savers who have seen recent headlines over the economy don’t panic and rush a decision over their retirement savings.” Continue Reading…