We have taken the Pensions Regulator's scams pledge and are committed to combatting pension scams.
Pension scams can be hard to detect. We have produced a video which includes some tips on how to help protect you and your pension from potential scams.
You can read a transcript of the video here.
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:
- 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.
- 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.
- 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.
- Don’t fall for ‘guaranteed’ returns. You can never guarantee returns on an investment.
- 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.
- Check the FCA’s list of known scams.
- If you have doubts ask MoneyHelper to help you. You can call them on 0300 123 1047 or visit the MoneyHelper website. MoneyHelper also have a useful tool you can use to help you identify a scam, this can be found at The MoneyHelper wesbite.
The Pensions Regulator’s pension scams booklet provides more information on how to protect your pension.