Beware of pension scams
Pension fraud is a genuine threat to your pension savings so it’s important that you know what warning signs to look out for and are aware of the risks.
What should you look out for?
If someone approaches you with an offer that sounds too good to be true, speak to an expert before you sign up for anything.
Cold calling about pensions has been banned except where:
- a firm is regulated by the Financial Conduct Authority or the caller is the trustee/manager of a occupational or personal pension scheme, or
- an individual has given specific consent to receiving calls on pensions from the caller, or an individual has an existing client relationship with the caller.
So, if you receive an unexpected call about your pension, it may well be a scam.
Remember you should always:
- Reject unexpected offers,
- Check who you’re dealing with,
- Don’t be rushed or pressured into making a decision, and
- Get impartial financial advice
Want to find out more?
The Financial Conduct Authority and the Pensions Regulator publish lots of useful material to help you spot the warning signs.
- Go to www.fca.org.uk/scamsmart.
- Download the pension scams leaflet from the Pensions Regulator’s website.
- Read the joint letter issued by the Pensions Regulator, the Financial Conduct Authority and the Money & Pensions Service, also available from the Library.
If you think you have lost money to fraud, report it to Action Fraud on 0300 123 2040 or via their website www.actionfraud.police.uk.