Pension Scams

A pension scam is when someone tries to con you out of your pension pot. It often starts with being unexpectedly contacted about investing your pension money in a business opportunity which you haven’t previously spoken to someone about, or being contacted about taking your pension pot before you are age 55.

Identifying Red Flags:

The caller may even suggest that the Government have asked them to contact you.

They may offer you a free pension review, and encourage you to transfer your funds quickly.

If this happens to you then it’s very likely to be a scam.

You could lose all your pension pot and be faced with a 55% tax bill too.

If you’re unsure you should contact us

Here are websites providing help and guidance relating to scams:

The Financial Service Authority (FCA):

www.fca.org.uk/scamsmart/how-avoid-pension-scams

www.fca.org.uk/consumers/protect-yourself-scams

The Pensions Regulator:

https://www.thepensionsregulator.gov.uk/pension-scams

MoneyHelper, incorporating Pension Wise:

www.moneyhelper.org.uk/en/money-troubles/scams/how-to-spot-a-pension-scam

Other organisations who can provide assistance and guidance are:

Cifas

Cifas is a not-for-profit fraud prevention organisation that helps protect individuals and organisations against fraud.

www.cifas.org.uk/individuals