Martin Lewis says 'do not click' in urgent compensation warning to WASPI women
The Money Saving Expert (MSE) founder has teamed up with campaigners and leading charities including Independent Age, to bring awareness to the "disgraceful" rise in online WASPI compensation scams
Martin Lewis has issued a fresh warning as the "steep rise" in WASPI compensation scams risks thousands of pension-age women across the UK falling victim.
The Money Saving Expert (MSE) founder has teamed up with campaigners and leading charities including Independent Age, to bring awareness to the "disgraceful" rise in online scams. Scams seen by the group include fraudulent websites claiming that compensation is available, alongside emails targeting 1950s-born women asking them to disclose personal information.
One website falsely claimed that 'DWP announces £3,000 compensation for 3.8 million WASPI women' while another labelled itself as a ' Martin Lewis WASPI Calculator'.
At least one WASPI woman in Derbyshire reported that she had been asked to provide copies of her birth certificate and bank details through an online form, before realising it was a scam.
More than 3.6 million women were affected by the Department for Work and Pensions ' (DWP) failure to inform them of increases to their State Pension age properly.
The Women Against State Pension Inequality (WASPI) group was launched in 2015 and represents women born in the 1950s. In 1995, the Government announced changes to raise the women's state pension age from 60 to 65, to make it the same as the men state pension age. Originally the plan was to phase in the rise between 2010 and 2020, however, the coalition Government accelerated the shift in 2011 in a bid to reduce the cost of the state pension system.
The new pension age for women was introduced in 2018. Further increases were introduced as part of the Pensions Act in 2011, which accelerated the rise to 66 for everyone from 2020.
The five-year investigation by the Parliamentary and Health Service Ombudsman (PHSO) looked into alleged failures by the DWP, and last year, the final report was published. This report confirmed the Ombudsman did find failures by the DWP, noting that "too many" people didn't understand how the new state pension affected them personally and ruled that "women affected are owed compensation payments". However, the government is yet to set out a compensation scheme for those affected.
With a High Court challenge by WASPI campaigners currently in progress, the group say opportunist scammers have seized on unsuspecting women affected by the "pension fiasco."
Join Money Saving Club's specialist topics
For all you savvy savers and bargain hunters out there, there's a golden opportunity to stretch your pounds further. The Money Saving Club newsletter, a favourite among thousands who thrive on catching the best deals, is stepping up its game.
Simply follow the link and select one or more of the following topics to get all the latest deals and advice on: Travel; Property; Pets, family and home; Personal finance; Shopping and discounts; Utilities.
WASPI Chair Angela Madden said recent days had seen an 'alarming spike' in the number of scams, saying the behaviour of those preying on vulnerable women is 'nothing short of disgraceful'. She said any announcement on compensation for WASPI women would only ever come from the Government.
Madden said: 'WASPI has fielded dozens of queries from women following an alarming spike in fraudulent websites appearing in recent days.
'The need for compensation is so urgent that it is the most vulnerable women who are at risk from scammers. The behaviour of opportunists who seek to exploit them is nothing short of disgraceful.
'Any announcement on compensation will only ever come from the Government. Anybody who has shared sensitive information or feels they are at risk should contact Action Fraud.'
Martin Lewis added: 'The word scammers underplays the danger, of what are often organised criminal gangs using psychologically adept tactics to steal from people. They leach on to anything they can find, and compensation over the change in state pension age seems to be a new trend.
'Even if they're not asking for money, they could be trying to take your information as part of a wider fraud. Be incredibly careful, don't click advertising or other links on social media, unless it is from a validated trusted source.
'And to be very plain, I don't do adverts nor allow anyone to use my name for endorsements. All my information will always be on my site MoneySavingExpert.com so if you can't find it there, and see it elsewhere, it's very likely a scam.'
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
The Guardian
17 hours ago
- The Guardian
Pensions report cuts Reeves' planned growth funds from £160bn to £11bn
Plans to invest £160bn of surplus funds from final salary pension schemes to boost the UK economy over the next 10 years have been dealt a blow by a Whitehall assessment that found there was likely to be little more than £11bn available to spend. In a knock to Rachel Reeves's growth agenda, a report by civil servants at the Department for Work and Pensions (DWP) found that the expected surpluses in occupational schemes would be used by businesses to offload their pension liabilities to insurance companies. It could mean that as little as £8.4bn would be available for companies to invest in new equipment or technology, but the figure was likely to be nearer £11bn, the DWP said on Friday. 'It is estimated that an additional £11.2bn surplus will be extracted as a result of the preferred option to legislate over a 10-year period,' the report said. Pension surpluses were a significant pillar of the chancellor's plans to use private sector funds to grow the economy during a period when state funds are likely to be severely restricted. Reeves is expected to lay out her growth plans on Wednesday in the spending review, which will set out the government priorities for the next year. Earlier this year she said about 75% of final salary schemes, also known as defined benefit schemes, were in surplus, worth £160bn, but restrictions have meant businesses have struggled to invest them. In her Mansion House speech in November, Reeves also outlined proposals for pension megafunds to be created from individual defined contribution schemes and a merger of local authority pension schemes to make the pensions industry more cost-effective. A pensions bill going through parliament will allow pension fund trustees to unlock trapped surplus funds that Reeves said would increase investment in British businesses and lift economic growth. Hundreds of final salary schemes, which spent decades in deficit, meaning the value of their obligations to members outweighed their assets, have moved into surplus in recent years after an increase in interest rates. 'Although fewer than 700,000 people are actively saving into a private sector defined benefit scheme, the sector remains a significant market within the UK economic landscape,' the report said. 'Across around 5,000 schemes, around nine million members are being supported with assets of around £1.2tn.' An impact assessment by DWP officials said legislation was needed to overhaul the pension system and give trustees the power to access surplus funds. It said a failure to act would also mean 'an opportunity to benefit members, businesses and to drive economic growth would be missed. Therefore 'do nothing' is not considered a desirable option.' However, a combination of factors means the expected surplus for investment is reduced to no more than £12bn over 10 years, in part because the legislation does not force trustees of defined benefit funds to use surpluses for investment, and that most occupational final salary schemes have reached a level where a buyout is possible. In a note for the Pension Insurance Corporation, an independent expert, John Ralfe, said: 'Forget about £160bn of pension surpluses just waiting, as Rachel Reeves said, to be paid out to 'drive growth and boost working people's pension pots'. 'The DWP figures estimate just a fraction of this – under £12bn – will be paid out over the next 10 years, mainly because most companies want a full buyout with an insurance company. 'And the bill contains no details of how pensions will be protected if cash is withdrawn. Member security must be a priority with strict rules on repaying amounts if funding deteriorates,' he added. Many pension fund trustees are known to be concerned that allowing company boards access to surplus funds could leave their schemes vulnerable after a panic in financial markets. Without strong safeguards, giving businesses access to surplus pension funds could also make them more attractive targets for foreign takeovers. It is understood the new regime will allow trustees to block moves to access surplus funds if they believe it will undermine the safety of the fund. The pensions minister Torsten Bell said: 'I have read the impact assessment, and I am satisfied that, given the available evidence, it represents a reasonable view of the likely costs, benefits and impact of the leading options.' The Treasury and the DWP were contacted for comment.
Daily Mirror
17 hours ago
- Daily Mirror
State Pension's future under review amid retirement shake-up
The State Pension is facing a dramatic overhaul under a Government shake-up of retirement rules. The changes could see millions of future retirees having to wait longer to claim and receiving different levels of payment. Ministers have launched a wide-ranging review of the entire pension framework – looking at when people should be entitled to receive the state pension, how much they should get, and whether the current system is financially sustainable for the long term. The Department for Work and Pensions (DWP) confirmed that the second phase of its Pensions Review will examine 'the balance of all three pillars of the UK system – state, occupational and personal wealth'. It is expected to ask fundamental questions about how these components should work together to ensure a financially secure retirement for everyone. Full details and the panel leading the review are yet to be published. The review comes at a time of growing concern that the triple-lock guarantee – which ensures the state pension rises every year in line with wages, inflation or 2.5%, whichever is highest – is pushing up pension payments at an unsustainable rate. Rachel Vahey, head of public policy at AJ Bell, said: 'Pensions minister Torsten Bell recently ruled out scrapping the triple-lock guarantee, but as the state pension grows ever closer to the frozen personal allowance threshold it could be that the Government is finally forced to address the question of how much the state pension should really offer, at what age, and how it can increase payments sustainably each year.' The announcement comes hot on the heels of a new Pension Schemes Bill, which lays the groundwork for major changes, including the creation of massive collective investment funds – dubbed 'megafunds' – to deliver better returns for savers. Ms Vahey said the review could be the most significant shake-up since the Turner Review 20 years ago, which brought in automatic workplace pension enrolment and transformed saving habits in the UK. 'It's now 20 years since the Turner Review was published,' she said. 'That comprehensive look at the UK's retirement system ushered in a new regime for pensions, resulting in the introduction of landmark automatic enrolment reforms which changed pension saving in the UK forever.' Those reforms have seen more than 11 million people newly enrolled in workplace pensions since 2012, bringing the total number of active savers to around 20 million. But experts warn that while the number of savers has surged, many still aren't putting enough aside for a comfortable retirement. Ms Vahey said: 'Not enough people are saving enough money for their later life, and although automatic enrolment has gone a long way to create millions of new pension savers, instead of resting on our laurels we now need to take a good look at whether they are saving a sufficient amount of money to realise their retirement ambitions.' The review is also expected to probe the interaction between the state pension and private savings – including personal assets – raising questions about whether those with higher wealth might ultimately be expected to rely less on the state. Ms Vahey added: 'While details of this new Pension Review are thin on the ground at this stage, it has the potential to be as significant and could have far-reaching implications for people saving for their retirement.' Campaigners are urging the Government to set out full terms of the review as soon as possible to give millions of savers clarity on what's coming. Ms Vahey said: 'The Government now needs to clearly set out the terms of this review as soon as possible to give savers and the industry certainty over its plans.'
Daily Mirror
a day ago
- Daily Mirror
DWP issues urgent warning to millions who claim benefits
You need to look out for text messages and emails from the Department for Work and Pensions The Department for Work and Pensions (DWP) has sent out an urgent warning across its social media channels, cautioning the millions of people on benefits to watch out for fake text messages trying to swipe their "personal or financial details". The alert has been sent to the up to 23.7 million people in Great Britain benefitting from payments that include State Pension, Universal Credit, Personal Independence Payment (PIP), Attendance Allowance, and Jobseeker's Allowance (JSA). Taking to Twitter and Facebook, the DWP said "Be aware of scam text messages claiming to be from @dwpgovuk. Always be careful about links and never share personal or financial details, only engage with trusted official sources." The department has also asked anyone who's been targeted by suspicious texts to report them through under 'avoid and report internet scams and phishing'. Amidst the current cost of living squeeze, scammers are stepping up their game, posing as credible authorities like the DWP or HM Revenue and Customs (HMRC) via 'impersonation scams'. There has been a spate of texts floating around, dangling bait such as 'unclaimed cost of living payments' and bogus Warm Home Discount offers. The DWP pointed out they'd never send 'direct links' for claims – interactions for Universal Credit beneficiaries typically happen through their work coach and online journal. If you receive a text and you're uncertain whether it's genuinely from a DWP department or HM Revenue and Customs, the safest course of action is to ring them for confirmation, reports Bristol Live. Simple steps to avoid scammers. Here are some quick checks everyone can perform regularly to identify and avoid potential scams. Never disclose your financial or personal details. Avoid sharing your personal or financial information with anyone. This includes refraining from jotting down your banking details. If you can commit your information to memory, this is the safest approach, but if you do need to note down your details, ensure they're stored in a secure place and not carried around when shopping. Reputable retailers will never request your PIN, CVC number or other online banking identifiers. Regularly review your bank statement. If you spot an unfamiliar transaction, it's crucial to notify your bank straight away to have the card blocked. Most banks operate a dedicated fraud action line, where you can report the theft and ask for a refund. Keep tabs on your cards. If you misplace any of your bank cards or suspect they've been nicked, you should get in touch with your bank immediately so they can freeze it. Many banks now allow you to do this via their app rather than phoning up, which can expedite the process. It might be handy to have your bank's contact details and phone number at hand, so you can reach out to them if necessary. Be cautious of dubious emails or texts. Avoid replying to text messages or emails if you're unsure about their authenticity. A good rule of thumb is to never reveal private, personal information. This includes details such as your bank account information or passwords; no reputable company should ever ask for these. Emails or texts with grammatical errors can often signal a phishing scam from an illegitimate source, so it's best to steer clear of opening these. Refrain from clicking on any links if you're uncertain about their legitimacy. Avoid downloading anything sent to you via email or text. It's recommended to have antivirus software installed, which will scan for malware and protect against phishing attacks.
