Pension scams are a growing problem, but knowing the warning signs will help protect your savings.  

Fraudsters may try to lure you into an illegal pension transfer. If the transfer goes through, you might never see your pension again and you could face a large tax bill as well!
 
Scammers’ tactics are becoming ever more sophisticated. They will try to flatter, tempt and pressure you. 
 
Be wary of offers of ‘deals’ such as overseas investments, guaranteed returns, or limited offers, one-off pension investments, cold calls, upfront cash or promises to help you access your pension funds early. These offers are unlikely to be genuine. 
 
If you’re under age 55, you usually cannot release your pension, unless you are too ill to work.
 
Before agreeing to any pension transfers…

• Study details of any transfer carefully yourself
• See if the deal is a known scam at scamsmart.fca.org.uk
• Check the adviser is registered with the Financial Conduct Authority at FCA.org.uk/register
• Check MoneyHelper for signs of a scam and tips for protecting yourself
• Visit moneyhelper.org.uk to learn about your retirement options

Learn more in The Pension Regulator’s pension scams leaflet below. 
 
If you think you’ve been a victim of a scam, please report it to Action Fraud on 0300 123 2040.