If you’re 55 or over, the new pension freedoms allow you to take some or all of your retirement savings as a cash lump sum.
You can do whatever you want with the money but whatever you do, don’t let the fraudsters get their hands on it. Scammers may try and persuade you to take a cash lump sum from your retirement savings and use the money to invest in a fraudulent scheme.
They may even claim they can 'arrange' to take your retirement savings as cash. Once you have your cash lump sum, the fraudsters may offer you tempting ways to invest your cash for example, investing in a new hotel in a far flung location, or car parking spaces in Taiwan.
But it isn’t just the exotic investments you should be wary of. Investments in the UK promising high or guaranteed returns should also sound alarm bells.
Any investment offering a high return is likely to be bogus. These fraudsters may seem convincing but if it sounds too good to be true, then it probably is. Invest your cash unwisely and your money could be gone in a flash. If you’re about to take your retirement savings, and want to know what to look out for, take a look at the government backed, impartial Pension Wise.