Savers Duped In 'Pensions Freedom' Con, Watchdog Warns

Law360, London (January 28, 2019, 2:19 PM GMT) -- Criminals have exploited controversial reforms to retirement savings rules to trick two savers out of at least £1 million ($1.3 million) each, the U.K. pensions regulator said Monday.

The retirement savers, who the regulator did no identify, reported the losses to police between July 2016 and June 2018, a spokesman for The Pensions Regulator told Law360. The true number of savers tricked out of similar amounts is likely to be much higher because most victims never contact the authorities, the regulator, known as TPR, said in a statement.

“Victims of scams are often traumatized by what has happened to them, and...

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