Protect your pension from scams
Discover more about pension scams and how we can help protect your savings.
What is a pension scam?
A pension scam is when someone tries to trick you into transferring your pension savings or accessing your money in a way that benefits them, not you.
You can end up losing some or all of your retirement savings, face unexpected tax charges and be significantly impacted in the long-term.
Why you need to keep your pension safe
Your pension is likely to be the biggest savings you’ll ever have, and one of the most important employee perks for your future. It gives you flexibility and provides peace of mind.
Protecting your pension from scams will help keep your plans on track and your savings secure.
What pension scams usually look like
Scammers often use tactics to try and gain your trust. Here are the most common ways they may approach you.
Scammers might often call, email or message you about your pension. Even if their intentions seem genuine, make sure you treat any kind of contact with caution.
You may be encouraged to make a decision straight away, or told that you might miss out if you don’t act now. Pension scammers rely on urgency.
You might be promised guaranteed returns, or told you can access your pension earlier than expected. If it sounds too good to be true, it usually is.
.avif)
How scams are changing
Pension scams are becoming more sophisticated and harder to spot. Some scams are highly personalised, making them feel credible, professional, knowledgeable, and harder to recognise at first.
What to do if you’re concerned
If something doesn’t feel right, you should take action quickly.
You should contact us straight away so that we can stop any transfers (if started) and report suspected scams to Action Fraud.
Where to find more help
You can get free, impartial guidance from trusted organisations. Use Money Helper for independent help with pensions, FCA ScamSmart to check firms and warning lists, and Action Fraud to report scams or suspicious activity.
What should you look out for?
Always take care if someone asks you to move your pension. Since 2019, cold calling about pensions has been banned. If you’re contacted out of the blue, it’s a strong warning sign.
Keep an eye on your pension
Regularly checking your pension can help you spot any unusual activity.
Sign in to the Smart Pension app to see your savings in one place, so you always know where you stand.
FAQs
Never share personal information with someone who contacts you unexpectedly about your pension. If they claim to be authorised by the Financial Conduct Authority (FCA), check the FCA Register yourself, but remember that scammers can pretend to represent legitimate firms. Be wary of anyone claiming to be from an official body such as The Pensions Regulator (TPR), as they do not contact people in this way. Always seek advice from a trusted financial professional before making any decisions about your pension.
If you think you've been targeted by a pension scam, contact us immediately on 0330 174 0643. Acting quickly may help prevent your pension savings from being transferred. If you've lost money to a suspected scam, report it to Action Fraud on 0300 123 2040. You can also contact Money and Pensions Service for free pensions guidance and support.
There are a number of ways you can make sure you are transferring your money safely.
- You can make sure the scheme is registered by checking the FCA financial services register.
- Take a look at the FCA ScamSmart warning list to find a list of known investment scams.
- If you are transferring your pension savings overseas, make sure you are transferring to a ‘qualifying recognised overseas pension scheme’ (QROPS).
- Check the HMRC registration of the new scheme. Until a new scheme’s registration is confirmed by HMRC, you will not receive tax relief on your contributions. You can ask your current pension provider to check the HMRC registration ahead of transferring your pension.
- We will only transfer funds out to UK regulated pension providers or qualifying Overseas schemes. Additional checks are carried out at Smart Pension prior to transfer, but it is always best to check for yourself too.
