08 July 2020

Pension Ombudsman right to be worried about rise in COVID-19 scams

5 min read

 
Helen Morrissey, Personal Finance Specialist
Helen Morrissey

Corporate PR Specialist – Long Term Savings

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Helen Morrissey, pension specialist at Royal London responds to Pension Ombudsman Anthony Arter’s comments to the Work and Pensions Select Committee on a likely increase in scam activity as a result of the COVID-19 pandemic.

“The Pensions Ombudsman is right to be worried. Scammers are known to work at lightning speed and evolve their methods to exploit people’s fears. They may well take advantage of people’s concerns about a drop in their pension value or a potential loss of income to try and separate people from their pensions. The key thing to remember is that if something sounds too good to be true then it probably is and you should be wary.

Anyone offering you a free pension review or saying you can access your pension before the age of 55 is likely a scammer. Similarly anyone pressuring you to make a quick decision to transfer money into high performing investments should be treated with caution. Do not be scared to put the phone down on someone or cut off contact with them and report any suspicious activity to Action Fraud.”

For further information please contact:

Helen Morrissey, Corporate PR Specialist – Long Term Savings

About Royal London:

Royal London is the largest mutual life insurance, pensions and investment company in the UK, with assets under management of £138.9 billion, 8.6 million policies in force and 4,126 employees. Figures quoted are as at 31 December 2019.