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08

People in Northern Ireland 'least confident about spotting pension scams'

Open-access content Wednesday 26th August 2015 — updated 5.50pm, Wednesday 29th April 2020

The over-55s in Northern Ireland are the least confident about spotting pension frauds compared to the rest of the UK, according to research.

2

In a survey of 1,000 over-55s across the UK, 54% in Northern Ireland said they were not confident they could tell the difference between a scam and a genuine offer from a regulated company.

Southerners were found to be the most scam aware, with 63% living in this region confident they could detect the difference.

Some 59% in the Midlands and Wales, classed as a single region, were confident they could tell the difference, compared with 58% in the North and Scotland, again classed as a single region. 

The survey, carried out by pension advisers Portal Financial to highlight fraud risk, found nearly seven in 10 (69%) of respondents in Northern Ireland had been contacted by a company they felt could be carrying some form of financial scam, compared with 50% in the Midlands and Wales, 51% in the North and Scotland and 55% in the South.

The biggest proportion of people reporting an increase in pension-related sales calls was also in Northern Ireland, with 77% noticing a rise around the time pension freedoms took effect. However, nearly half (46%) of people in this region would not know where to go if they wanted accurate financial advice on the pension reforms. 

In the North and Scotland, 43% of people over 55 noticed the increase in sales calls, while 20% were unsure where to get advice.

In the Midlands and Wales, 40% of people noticed an increase and 27% would not know where to learn more. In the South, the figures were 33% and 23% respectively.

Jamie Smith-Thompson, managing director at Portal Financial, says: "Now that many of the over-55s people have access to their pension funds, the risk of scams is a growing concern and, with potentially huge financial returns, the scammers are becoming ever more sophisticated. 

"Regrettably, but understandably, many people do not have the knowledge to spot a scam, nor do they know where to go to for advice. Keeping people safe from losing their savings to a scam needs to be a priority."

Earlier this month Citizens Advice said people over 55 were repeatedly being targeted by fraudsters. 

This article appeared in our August 2015 issue of The Actuary.
Click here to view this issue
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