Anyone could be a victim of a pension scam. Scammers are taking advantage of people’s concern about their pension – trying to gain their trust by promising to transfer their money somewhere ‘safer’ (when the reality is that its new home will be anything but safe).
Don’t let it happen to you.
It’s your money – never feel rushed or pressured to transfer your pension. Take the time to find out who you’re dealing with and seek impartial advice.
Remember, if something sounds too good to be true, it probably is!
Pension Scams can be broken down into four different types:
Liberation scams – offering you access to your pension before the age of 55
Investment scams – offering you high (unrealistic) returns, perhaps on overseas investments
Review scams – offering you a ‘free’ review of pension savings and investment returns
Advice scams – offering you free advice with the aim of obtaining information or authority to make transfers on your behalf
These are just some of the offers a scammer may make to you:
Consider using Money Helper, visit moneyhelper.org.uk which provides free independent and impartial information and guidance.
If you suspect a scam, report it.
You can report an unauthorised firm or scam to the FCA using the online reporting form or on 0800 111 6768,
If you suspect a scam, report it to Action Fraud on 0300 123 2040 or at actionfraud.police.uk.
Be ScamSmart with your pension. To find out more, visit fca.org.uk/scamsmart.
If you don’t know which section you’re in, contact the Helpline (contact details are at the bottom of the page); or If you recieve an Annual Benefit Illustration the section is noted on the front page.