Pension scams
Protect your pension from scammers
Although the government recently introduced new regulations that provide another layer of protection to people wishing to transfer their pensions, the best line of defence in keeping your pension safe is still you.
That’s why it’s so important to do everything you can to make sure your pension is kept safe from scammers.
Here are six simple steps you can take to stay scam safe:
Reject offers that come out of the blue
Legitimate providers won’t contact you unexpectedly, so stay alert. If you are contacted out of the blue about your pension it’s likely a scam.
Make sure you know who you’re dealing with
Scammers can be very clever and often appear legitimate so make sure you know exactly who you’re dealing with. Check the Financial Conduct Authority’s (FCA) Financial Services Register to ensure that anyone offering you a financial service or advice on your pension is legitimate and authorised to do so.
Don’t be pressured into making a rushed decision
When considering any offers make sure to take your time, do your research and think carefully. It’s better to be safe even if that means missing out on a time-pressured deal.
Don’t fall for deals that sound too good to be true
Scammers often offer deals that promise high or guaranteed investment returns. No investment returns are ever guaranteed. If it sounds too good to be true, it is.
Always get unbiased advice and information
It’s always safer to take advice when making big financial decisions, especially when they involve your pension. MoneyHelper offers free guidance online and you can find a local independent adviser at Unbiased.
Check to see if the adviser is registered with the pension transfer gold standard
If you suspect a scam, make sure to report it to the FCA. The Financial Conduct Authority and The Pensions Regulator have joined forces and issued a useful video. You can also read more about how to avoid scams from The Pensions Regulator.
Online safety
Another way to protect your pension is to stay safe online, never share your personal information with people or organisations you don’t know. You can also stay safe by regularly updating passwords and keeping them secure.
You can find more advice about how to keep your personal information safe online at Get Safe Online.
Looking after and protecting your details
The Scheme holds and processes personal data so your benefits can be paid accurately. The Trustee Board has policies and procedures in place to protect your information, and these are regularly reviewed and updated to make sure they are in line with best practice and the law. Take a look at the Privacy Notice.
You can also help to keep your data safe by not sharing information with people or organisations you don’t know and by keeping your passwords safe.
If you do encounter anything suspicious relating to your pension, please get in touch with the Pensions Team immediately.
Cold calling about pensions has been banned since February 2019. So, if someone does call you about your pension out of the blue, it’s likely to be a scam. However, scammers are now texting or making contact by email or through social media, so you must still be vigilant.
Remember we will never contact you about your pension other than by post or email, and we’ll never ask for personal information about you.
If you think you’ve been approached by a scammer, get in touch with the Pensions Team immediately and report it to Action Fraud. You can also visit The Pensions Regulator’s website for more information.
