Retired people have been warned to be on their guard against a pension scam following the introduction of new savings rules.
Government guidelines allow savers over the age of 55 the opportunity to release up to a quarter of their pension savings as a tax free, lump sum.
However, consumer protection staff at Blackpool Council are worried vulnerable people may be targeted and left without money to protect them after retirement.
Scammers lure savers by claiming they can ‘liberate’ funds before the recipient is 55 . Such practices are illegal and can result in hefty tax bills.
Tim Coglan, Blackpool Council’s head of public protection said: “Our advice to people is don’t have anything to do with cold callers and check the legitimacy of any company.”