Is that phone call a scam? -James Andrews

There's been a huge increase in the number of people offering 'free pension reviews' - but which are from criminals and which are real? Here's how you can tell

Is the text legit? Here's how to tell

With millions of people now enrolled by their bosses into private pensions schemes - and millions more with schemes of their own - scammers are taking advantage and cashing in.
New rules mean everyone will get free pensions advice when they hit 55, but criminals are getting in early, promising hard up Britons a way to access that cash now or offering to move your money into "investment opportunities" that will see your savings grow far faster.
These scams frequently turn out to be unregulated, high-risk or bogus investments that can see you lose your entire life savings.
Those being enticed to access pensions as a lump sum or loan before age 55 get hit with huge tax penalties and sky high fees from conmen.

So how can you be sure the person on the other end of the line is legit?

We asked  Steve Hyndman, head of financial crime prevention for Phoenix Group, for his five tops to spotting the criminals:

1. Be careful of urgent deadlines. If you're being asked to hit a deadline, something suspect is probably going on. Being pressured to make a decision quickly may increase the chance of making a poor decision.
2. Is this how the company usually contacts you? Would your pension provider really text you about fraud? Think about whether it's sensible for the company to make contact in that way.
3. Do you need to pay upfront? You should never have to pay to access funds due to you.
4. If it sounds too good to be true…it probably is. Sometimes an offer may be framed in a way that will not arouse suspicion. Think very carefully about the risks.
   
   Culled from Mirror