Emigrating UK retirees warned over new trick on pension scammer sites

British retirees looking to emigrate are being warned pension fraudsters are lifting official scam alerts and inserting them in their web pages in an attempt to portray themselves as legitimate advisors.

The warnings include a description of the bold twist in marketing employed by dodgy websites run by pension scammers. Scammers have hit on a clever new way to persuade pension savers they’ve found a genuine financial advice site by simply lifting warnings from government, other financial authorities and watchdog’ pages and inserting them directly into their own websites. The Pensions Regulator has urged those needing pension advice to watch out for sites carrying official anti-scam warnings, as they’re likely to be less than genuine.

Fraudsters are constantly searching for new ways to separate the financially unsophisticated from their pension savings, with this new trick a bold and very convincing ploy. Heartless crooks stole as much as five million sterling from unsuspecting savers between January and June this year, using cold-calling and other schemes to rob pensioners of their lifetime savings, but this latest scam is expected to net them even more.

Commonly used phrases include ‘Don’t fall for a pension scam’, ‘An offer of a free pension review could be a scam’ and ‘If someone cold-calls you, they’re after your money’. Other types of suspicious company web pages are claiming fraudsters are impersonating their staff in order to scam their customers. Even if the site isn’t an out-and-out scam, it could well be offering risky investments with high commission payments to the IFAs who recommend them and no chance of performing as a legitimate investment.

Certain phrases used in emails or on the phone by pension scammers can also set alarm bells ringing, with ‘This offer won’t last long’ being the most common. Others include ‘you’ll make a better return by investing in forests/storage units/ overseas property, etc, etc’. One immediate indication of a scam is the guaranteeing of a high return such as seven per cent, and ‘there is a legal loophole’ is a guarantee you’ll get a visit form the taxman. ‘You’re a sophisticated investor’ is another, as is ‘it’s free’.

Although every single scammer isn’t on it, checking out the FCA’s warning list of known scamming companies as well as those operating without authorisation is the best idea for retirees unclear about pensions in general. Not allowing a friend to persuade you to take on a certain investment without checking first, hanging up on cold-callers and treating websites with a healthy degree of suspicion are all straightforward, protective measures to ensure your savings are safe.