A pension scam often starts with being unexpectedly contacted by an individual or they may be introduced to you by someone you trust who is unknowingly being scammed. Scammers will make false claims to gain your trust, for example:

• Claiming they are from or authorised by the Financial Conduct Authority (FCA) or that they don’t have to be FCA authorised because they aren’t providing the advice themselves,
• Claiming to be acting on the behalf of the FCA or the government service Pension Wise,
• Claiming they are from or acting on behalf of The Pensions Regulator.

Scammers can design attractive offers to persuade you to transfer your Retirement Savings to them or to release funds from it. It is then often:

• Invested in unusual and high-risk investments like overseas property, renewable energy bonds, forestry, storage units,
• Invested in more conventional products but within an unnecessarily complex structure which hides multiple fees and high charges,
• Stolen outright.

Common pension scams include:

• Early pension release,
• Offer of a free pension review.

1. Reject unexpected offers

If you’re contacted unexpectedly, chances are, it’s a scam. Don’t be talked into something by someone you know, even a friend or family member. They could be getting scammed. Check everything yourself.

2. Check who you’re dealing with

Check the Financial Services Register to make sure that anyone offering you advice or other financial services is FCA authorised, and that they are permitted to provide you with those services.

3. Don’t be rushed or pressured

Take your time to make all the checks you need, even if this means turning down an ‘amazing deal’. Be wary of promised returns that sound too good to be true and don’t be rushed or pressured into making a decision.

4. Get impartial information or advice

There are a few services you can use including Pension Wise, Automated Financial Advice and Punter Southall Aspire for impartial, independent guidance or advice.