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Consumers missing pension scam warning signs!

April 2015 saw the introduction of ‘the biggest change in a century’ to private pensions – known as pension freedoms. These give consumers greater choice over how to access their pension savings by removing the effective requirement to buy a guaranteed income product.

A report from Citizens Advice, ‘Too good to be true’, reveals a mismatch between people’s confidence in spotting a pension scam and their ability to do so. Three in four (76%) said they are confident they can identify a pension scam but just 12% were actually able to do so when a scam was presented to them.

Check out the Citizens Advice research here . . .