OLDER people in Wharfedale are being warned that this month’s pensions changes could give fraudsters more opportunities to prey on vulnerable people who have accessed their retirement cash early.

West Yorkshire Trading Standards is issuing the scam warning after the pension freedom reforms came into force from Easter Monday.

Pension scams often involve tricking victims out of their cash through offers of a “one-off pension investment”, “a pension loan”, “early pension release”, “pension selling”, “pension liberation” or “cashing in your pension”.

According to the Pensions Advisory Service, scammers have a variety of tricks to catch their victims out. They may: claim that you can access your pension before age 55; approach you out of the blue over the phone, via text message or in person door to door; entice you with upfront cash; or offer a free ‘pension review’ or try to lure you in with so-called ‘one-off’ investment opportunities.

From this month it is anticipated that many people will reconsider their options in light of new freedoms, including giving savers the opportunity to access their entire pension pot from age 55.

David Lodge, head of West Yorkshire Trading Standards Service, said: “There is a scam out there for everyone, but we know that our older, more vulnerable residents often fall victim to scams all too easily. As we continue to raise awareness we hope to build resilience in communities and prevent residents from becoming prey to fraudsters.”

One of the ways in which Trading Standards prevents victims falling for scams is through the Safer (Scams and Fraud Education for Residents) Project.

The project aims to provide the knowledge, skills and confidence to protect against the scams, and give frontline financial advice and support to those in crisis from such activity. For project details email safer@wyjs.org.uk.