In this section
Don’t let a scammer steal your retirement.
01.
About scams
What to look out for
Pension scammers target pots of all sizes. The average victim loses £91,000.
Scams can look very convincing, with professional websites, fake testimonials and official-looking materials.
02.
Steps to avoid scams
Helpful hints
Protect yourself by following these four simple steps, recommended by the Financial Conduct Authority (FCA) and The Pensions Regulator.
- 01.
Reject unexpected offers
- If you’re contacted out of the blue about your pension, it’s likely a scam.
- Cold calling about pensions is illegal.
- Be wary of free pension reviews from firms you don’t know.
- 02.
Check who you’re dealing with
- Use the FCA ScamSmart tool and the FCA Register to check if a firm is authorised.
- Confirm they can give pension advice by calling the FCA Consumer Helpline: 0800 111 6768.
- If you use an unauthorised firm, you won’t be covered by compensation schemes.
- 03.
Don’t be rushed or pressured
- Take your time and do your checks.
- Walk away from 'too good to miss' offers.
- 04.
Get impartial advice
- Think carefully before changing your pension.
- For transfers over £30,000 from a defined benefit (DB) scheme, you must get regulated financial advice.
- Free, impartial help is available from MoneyHelper (The Pensions Advisory Service).
03.
Report a suspected scam
Preventing future problems
If you suspect a scam, you should report it to help try and prevent it happening again:
- Report to the FCA: online or 0800 111 6768
- Report to Action Fraud: www.actionfraud.police.uk or 0300 123 2040