A North Shields solicitors firm is warning residents to be vigilant over new pension reforms expected in April.
The legal team at TLW Solicitors say that while changes will allow people to take money from their pension savings, it could leave significant numbers with huge tax bills or falling prey to investment scams.
TLW Solicitors’ partner Peter McKenna said: “The new reform may benefit many people, however others looking to invest or grow their money may be put at risk of losing it all as clever investment scams.
“Pension pots which they have saved all their working lives for are lost in an instant.”
The under 55s are also being warned that scammers could try to catch them out by claiming the reforms offer ‘loopholes’.