Scammers want to steal your pension.
They’ll try to persuade you to transfer your pension out of the Scheme in exchange for promises like high investment returns. But if you transfer your pension to them, you’ll lose your money.
Some signs of a scam include:
- being approached out of the blue
- offers that are confusing or too good to be true - like promises of high investment returns, unusual investment opportunities or overseas investments
- being sold a way to access your pension before age 55
- pushy salespeople who hurry you to make a decision or sign a form
There are 4 steps you can take to protect yourself:
- Never rush into agreeing to a pension transfer
- Never give personal financial information to someone who’s contacted you out of the blue
- Check if the company that’s contacting you is on the Financial Conduct Authority’s register
- Speak to an independent financial adviser who isn’t linked to the company that’s contacted you
You can get help to avoid pension scams from the Financial Conduct Authority’s website.
If you think you’ve been targeted by a pension scam, phone Action Fraud as soon as possible on 0300 123 2040.