Pension scams
Be wary of offers of free pension reviews. Professional advice on pensions is not free – a free offer out of the blue from a company you have not dealt with before is probably a scam.
Scam offers often include:
- Free pension reviews
- Higher returns - guarantees they can get you better returns on your pension savings
- Help to release cash from your pension, even though you’re under 55 (an offer to release funds before age 55 is highly likely to be a scam).
- High pressure sales tactics - the scammers may try to pressure you with ‘time limited offers’ or even send a courier to your door to wait while you sign documents.
- Unusual investments - which tend to be unregulated and high risk, and may be difficult to sell if you need access to your money.
- Complicated structures where it isn’t clear where your money will end up.
- Long-term pension investments – which mean it could be several years before you realise something is wrong.
Check the FCA register to verify the person(s) offering advice is authorised by the Financial Conduct Authority.
If you suspect a scam, report it
- Report to the FCA - You can report an unauthorised firm or scam to by contacting the Consumer Helpline on 0800 111 6768 or report it online
- Report to Action Fraud - If you suspect a scam you should report it to Action Fraud on 0300 123 2040 or on their Reporting fraud webpage.
- If you've agreed to transfer your pension and now suspect a scam, contact your pension provider straight away. They may be able to stop a transfer that has not happened yet. If you are unsure of what to do:
- visit GOV's Your Pension website
- to talk to an independent pensions specialist, phone MoneyHelper's Pensions Helpline on 0800 011 3797.
