Be alert to pension scams

STOP! If you’re offered early access to your pension or a transfer to a scheme that seems too good to be true, chances are, it is.

What’s a pension scam?

There are people out there with a variety of tricks up their sleeves to try and hook you into transferring your pension funds into bogus schemes.

This might include:

  • contacting you out of the blue
  • offering free pension reviews and one-off investment opportunities
  • offering you cash upfront
  • speeding up the transfer of money over to the new scheme
  • claiming you can access your pension pot before the age of 55 (57 from 2028)
  • providing no copy documents

Don’t be fooled

They may even tell you that the government has asked them to contact you and some of these advisers or their firms can be Financial Conduct Authority regulated, always double check before you sign a thing – use the contact details below if you are unsure.

You can lose a lifetime’s worth of saving. So stop and ask yourself:

“Could this be too good to be true?”

Want to know more?

Call The Pensions Advisory Service on 0300 123 1047 or visit www.pensionsadvisoryservice.org.uk

If you have already been approached and signed a contract, call Action Fraud on 0300 123 2040

You can find more about how to protect yourself from pension scams on The Pensions Regulator’s website.

Here you’ll be able to watch videos highlighting the devastating consequences for scam victims, and how to safeguard your savings against typical scammer tactics.

You can also access their online scam-spotting tool and a quick five-step guide with practical tips and questions to help protect your pension savings.

Plus there’s a booklet on avoiding pension scams from Pension Wise, Action Fraud and The Pensions Advisory Service.
Scammed out of his retirement .pdf

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