PENNSYLVANIA — State officials are urging veterans to beware of potential scams involving thieves who are looking to poach military pensions.
The Pennsylvania Department of Military and Veterans Affairs issued a recent warning that cases have arisen lately involving financial exploitation targeting veterans and their beneficiaries who are eligible for VA pension benefits.
“Older veterans are a prime target for scammers,” Joel Mutschler, director of the DMVA’s Bureau of Veterans Programs, Initiatives, Reintegration and Outreach, said in a statement. ” As we approach World Elder Abuse Awareness Day on June 15, it is important to remind veterans and their advocates to be vigilant when dealing with their benefits, and make sure to always use the free assistance of an accredited service provider.”
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The DMVA said that pension poaching can occur when scammers, dishonest financial planners or other “unscrupulous players” charge veterans or their beneficiaries for help in applying for or submitting applications for VA pensions.
Oftentimes, the DMVA said, the schemes could involve issuing certain financial advice such as telling veterans that they should hide their money and assets in trusts or annuity products that can end up resulting in lost investments and also high fees paid to the financial advisor working with the veteran.
