Pensioners with previously untapped amounts of available cash will be targeted by scammers when new pension rules are introduced in April.
Such fears were expressed by members of the group behind Operation Carpus in Angus, who strive to protect, inform and support those most at risk of being scammed.
From April, people aged 55 and over will be able to access their pension fund to do as they wish with the available cash, whether that is spending, saving it, or investing the money in whichever way they please.
They could withdraw the entire pension, or take smaller sums as required.
The financial harm sub-committee within Angus Council’s adult protection unit, who manage Operation Carpus, is wise to the risks this will present.
The group comprises of the council’s trading standards and public protection units, along with the police, and with support from various statutory and voluntary organisations.
It has now added an independent financial adviser to its ranks to bolster its expertise as the changes to pension rules approach.
Mark Hodgkinson, the council’s adult protection review officer, said: “The latest volunteer to join this group is Martin Mayo of Ferguson Oliver, an independent financial adviser who has enabled us to produce a warning about pension scams with changes and the availability to pension pots.
“We are worried that people with average to large sums of money are a target for mass fraud.”
Mr Hodgkinson is concerned that people with access to previously unavailable sums of money might reject traditional savings accounts offering low rates of interest and be taken in by a dodgy deal.
With an independent financial adviser now on board, Operation Carpus is well placed to offer people advice and respond to any emerging trend.
One of the ways in which Carpus has protected more vulnerable residents in Angus is to install phone call blocking equipment in around 50 households.
The group is now looking to secure further funding to buy more devices after exhausting initial supplies.
Phone scammers target older people, turning lives upside down.
The victims, having suffered financial harm (as well as the shattering distress of such an experience), are thought to be more likely to end up in care.
Carpus aims to empower them and keep them safe within their own homes.
Speaking about the level of scamming that exists in modern society, Mr Hodgkinson said: “It’s pervasive. There are cases of quite old people being carted off to the bank to pay for roof repairs done by, frankly, cowboy builders.”
Anyone in Angus requiring assistance or information can contact trading standards on 01241 435600, the ACCESSLine on 08542 777 778, or police on 101.