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24 April 2020

Be extra vigilant of pension scams!

Transferring your pension

During this uncertain time, members of many pension schemes might look to transfer their pension and this could make them a prime target for pension scammers. If you are thinking of transferring your pension, please be extra vigilant, and visit ScamSmart and pension-scams.com where you can find specific guidance relating to COVID-19.

Transferring your pension without fully understanding the consequences poses a significant risk. Scammers are known to be taking advantage by rushing decision-makers into illegal transfers.

Please, consider speaking to an independent financial adviser (IFA) who is registered with the Financial Conduct Authority before making any decisions about your finances. You can find a list of IFAs in your area at unbiased.co.uk.

Recognising pension scams

Fraudsters may try to offer some, or all, of the following to lure you into a scam:

  • early access to your pension (before 55)
  • guaranteed returns on investments
  • free pension reviews and health checks
  • pension loans or cash upfront

A cold call or unsolicited text or email will often contain some of the phrases listed above.

Protect your pension

Here are some tips on how to make sure your pension savings are protected:

Scammers are very clever and make sure they sound legitimate so you think they are honest, credible, and have your best interests at heart.

Get more information and help

It is extremely important that you seek independent guidance and advice before you make any decision about your pension.

Don’t ever be rushed into a decision. Before you sign anything, call The Pensions Advisory Service on 0800 011 3797.

And if you think you’ve been a victim of a scam, please report it to Action Fraud by calling 0300 123 2040.