Financial wellbeing consultancy firm Help & Advice is warning against the danger of pension scammers, as more than 12% of Brits said they have received an unsolicited approach about a pension transfer.
Latest analysis of data of 1,442 completed assessments within Help & Advice’s Pension Scam Assessment, has shown that the average scam likelihood score was 24%, indicating that nearly a quarter of cases had red flags associated with them.
Phone calls are the most popular way for an unsolicited approach to be made.
Of those receiving a call, 9% of people were being pressured into making a quick decision and 16% of people were told that the adviser could achieve higher than average investment returns.
Saq Hussain, founder of Help & Advice parent company People-tech, said: “It is shocking but sadly unsurprising that in the last three months, more than one-in-10 people have received an unsolicited approach regarding a pension transfer.
“Most worrying is that our analysis shows a clear and significant increase from the start of the year, an indication perhaps of how the cost-of-living crisis might be a route in for scammers. Even though cold calling has been banned, people are still being approached in this way.”