RESIDENTS across the town are urged to be on their guard against a pension scam sweeping the nation.
The National Fraud Intelligence Bureau (NFIB) has been alerted to the scam which sees cold callers targeting members of the public aged 50 to 60 years old to release and transfer their pension early.
Often, the cold calling ‘pension companies’ involved are neither regulated nor qualified to give financial advice and classify themselves as a ‘trustee’, ‘consultant’ or an ‘independent advisor’ and offer exceptionally high return rates for investors.
Anyone looking at transferring their pension should make sure they request that the risks and growth rates are explained and that you fully understand the information before making a decision.
Checks should also be administered via https://register.fca.org.uk/ to ensure the pension arrangement company is registered with the FCA.
Visit http://www.fca.org.uk/your-fca/documents/protect-your-pension-pot or
http://www.thepensionsregulator.gov.uk/individuals/dangers-of-pension-scams.aspx for further information.
If you believe that you have been a victim of fraud you can report it online http://www.actionfraud.police.uk/report_fraud or by telephone 0300 123 2040.