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

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.