Business
According to the Pension Scams Industry Group, a voluntary body of providers and trade associations, around 40,000 pension holders may have been defrauded in one way or another and up to £10 billion may have been lost in pension scams. These figures sound pretty bad, however, the People’s Pension has crunched its own numbers and found that 1 in 200 adults in the UK – that’s around a quarter of a million savers – may have lost retirement savings to fraud. They also estimate that the total cost of this could be more in the region of £14.6 billion. So, whoever’s data we use, we are talking some about pretty big numbers. Damian Smyth, Head of Sales at James Hay, is joined by Neil MacGillivray, Head of Technical Support, to discuss pension scams and what we can all do to help run the scammers out of town. In part one of this podcast special, Neil defines what a pension scam is and the issues pension scams pose. *For professional advisers and paraplanners only *