Victims have been affected by claiming to help them access their pension before age 55 or that people can already take more than 25% of their pension as cash. For most people the offers will be bogus and victims will lose most, if not all, of their savings.
Pension scheme members who agree to transfer may lose all their savings and may still be subject to tax charges of over half their transfer value for taking an unauthorized payment.
In a bidding in order to prevent others from being enticed into trying to access their pension amount as a lump sum or loan before age 55 without understanding the tax penalties. People are being scammed into moving their retirement savings into high-risk or bogus investments that could result in losing their entire pension amount.
Before being scammed by scammers make sure that the entire checklist mentioned in a form applies to be valid. There should not be any particular field that request for your account number, bank details etc.
Make sure that each and every phrase is read and there must not be any deal regarding payment for 20% of any amount. If such dealing is met in any of the paper work or mails etc just avoid it and be aware of 419 scams.