What should you look out for?
We recommend that you should always exercise extreme caution if someone asks you to move your money. However, there are telltale signs of pension scams that you can look out for.
- You are being rushed into a decision or action. Your pension is a long-term investment and you should never make a hasty or short-term decision about it.
- You are offered unusual or high-risk investments, a guaranteed return or something you are not familiar with. If someone offers a free pension review or claims to be able to help you access your pension before the age of 55, the chances are that you should just hang up.
- You are approached out of the blue. If you have been contacted door-to-door, by telephone or by text message completely out of the blue, then you should be wary. Since January 2019, there has been a ban on cold calling about pensions, this means that unless you have requested it, you should not be contacted about your pension.
- They give you unclear contact details. If the only contact details you have been given are a website, mobile number or PO Box then you should proceed with caution. If you are given a physical address, search it online. You may find that it is a ‘virtual’ office address, another favourite tactic of fraudsters.
If you think you have been a victim of a pension scam, you should speak to your pension provider as soon as possible. If you act quickly, they may be able to prevent a transfer of your money. You can also report a suspected pension scam to Action Fraud.
If you’d like to learn more, take a look at the FCA’s warning list of well-known pension scams.