You’ve worked hard for your pension. Don’t put it in danger.
There are lots of different pension scams. But many of them start the same way – with a call or a message out of the blue offering a ‘free pension review’ or a ‘once-in-a-lifetime’ investment opportunity that promises high returns and no risks.
Most scammers are trying to do the same thing – get you to transfer your pot to something that either lets you access your money before you’re 55, or take a bigger tax-free lump sum than the law allows. They might even offer you a cash incentive.
If you fall for a scam, you could lose some or all of your pension pot. You could also face a big tax bill, or find out you’ve been a victim of fraud.
Here are 5 ways to stay safe:
- Be wary of anyone who contacts you out of the blue to talk about your pension. Legitimate companies never do this.
- Question everything, however credible it looks or sounds. Anyone can make a glossy brochure. And if a deal looks too good to be true, it probably is.
- Make sure any company you talk to is authorised by the FCA. You can check on their register.
- Don’t let anyone rush you into making a decision – there’s no such thing as a ‘one-time only’ deal. If anyone pressures you, hang up the phone, delete the email or leave the room.
- Get financial advice before you make any big decisions about your money.
If you think you’ve been the victim of a scam, call Action Fraud immediately on 0300 123 2040 and tell us.
You can get more information from The Pension Regulator website.