We have recently received reports that some of our members are being targeted by pension scams. And we want to help keep your retirement savings safe.
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 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:
Unexpected contact: 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.
Pressure to act: 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.
Offers that sound too good: 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.
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.
What to do if you've been targeted by pension scammers
Contact us immediately on 0330 174 0643. Acting quickly may help prevent your pension savings from being transferred.
Report it to Action Fraud on 0330 123 2040 if you believe you have already lost money to a suspected scam.
Contact MoneyHelper for free, trusted pensions guidance and support.
Where to find more help
You can get free, impartial guidance from trusted organisations:
MoneyHelper for independent help with pensions
FCA ScamSmart to check financial firms and view warning lists of known scammers
Action Fraud to report scams or suspicious activity