At The People’s Pension, we do our best to make our members aware of pension scams.
Pension scams can come in different forms from scams to trick you into transferring your pension savings into fake schemes, to phishing to get hold of your personal details.
Below are examples of pension scam tactics that could alert you that you may be dealing with a fraudster:
- Contacting you out of the blue
- Offering free pension reviews and one-off investment opportunities with ‘guaranteed returns’
- Offering you cash upfront
- Offering a quick 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 documents to confirm the business you’re transacting
It’s good to note that a professional looking website and convincing marketing material doesn’t necessarily mean you’re not dealing with a fraudster.
Fraudsters may try to get your details by email, letters through the post, instant or text messages and cold calls.
Ban on cold calls: To help prevent pension savers falling victim to pension scams, the government have passed a ‘pensions cold-calling ban’ to ensure any company who attempts to make unsolicited calls about your pension could be fined.
We support the government in helping savers avoid pension scams, by making you aware of pension scams in our communications and pointing you in the direction of further help from government-backed bodies.
Who to contact if you’re worried about pension scams
You can ask Citizens Advice, the Single Financial Guidance Body or the police for help and advice about scammers.
If you’ve already been approached and signed a contract, contact your provider immediately and call Action Fraud on 0300 123 2040.
You can discover more on how to avoid pension scams on our website.
Or you can also find more about how to protect yourself from pension scams on The Pensions Regulator’s website.