Watch out for scams

Pension scams are a big threat. As you near retirement, fraudsters may try to lure you in to an illegal transfer. ​​If you fall victim, you could lose all your pension savings and face a large tax bill on top.   

Scammers’ tactics often include promises of:  

  • early access to your pension (before age 55)
  • investments with ‘guaranteed returns’
  • free pension reviews and health checks
  • pension loans or upfront cash
  • transferring your pension savings into small occupational schemes to avoid scrutiny from regulators

 

Follow these tips to protect your pension: 

  1. Be wary of cold calls and unsolicited texts or emails
  2. See if advisers are registered with the Financial Conduct Authority – check now
  3. Steer clear of overseas ‘investment deals’ and promises of ‘guaranteed returns’ 
  4. Do your homework and don’t be rushed into a decision
  5. Before signing anything, call The Pensions Advisory Service on 0800 011 3797

If you think you’ve been a victim of a scam, report it to Action Fraud.

Read more in Don't Let A Scammer Enjoy Your Retirement.