Pension scams

Thousands of people have lost their pension savings after falling for a pension scam; please take the time to consider the following steps to protect your pension:

  1. If you have already signed something you’re now unsure about, call Action Fraud on 0300 123 2040 and contact the Scheme Administrator immediately. They may be able to stop a transfer that hasn’t taken place yet.

  2. Be wary of cold calls and unsolicited texts or emails. Scammers will often claim they’re from Pension Wise or other government departments. These organisations would never phone or text to offer a pension review.

  3. Don’t be rushed into a decision. Scammers will try to pressure you with ‘time limited offers’ or send a courier to your door to wait while you sign documents. Take your time to make all the checks you need, even if this means turning down an amazing deal.

  4. Don’t fall for ‘guaranteed’ returns. You can never guarantee returns on an investment.

  5. Make sure your adviser is in the Financial Conduct Authority (FCA) approved register. Scammers may pose as financial advisers, check yours is registered on the FCA website.

  6. Check the FCA’s list of known scams.

  7. If you have doubts ask The Pensions Advisory Service (TPAS) to help you. You can call them on 0300 123 1047 or visit the TPAS website. TPAS also have a useful tool you can use to help you identify a scam, this can be found at The Pension Advisory Service wesbite. 

The Pensions Regulator’s pension scams booklet provides more information on how to protect your pension.
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