What Is A Pension Scam?

A pension scam is where a scammer tries to get access to clean out a person’s pension money.

A pension scam usually starts with the scammer contacting their target unexpectedly and talking about

A lucrative business or investment opportunity
The ways to invest pension money
Taking pension money before the age of 55

How to Spot A Pension Scam?

Scammers will try various ways to coax their target to part with their pension money – from providing misleading or false information to promising opportunities that are just too good to be true.

Here are some things that a scammer might do:

• Contact you randomly, either through text message, email, or phone.
• Offer high returns of more than 8 percent from creative or new investments or overseas investments
• Offer a saving advance, cashback, or loan from your pension.
• Recommend you put all your money in one investment (generally, financial advisors recommend you allocate your money across various investments).