Pension scams – don’t become their next victim!

Pension scams are still on the rise, it’s more important than ever to be aware of scammers trying to con you.

To help you spot the signs and protect yourself from a scam, the Financial Conduct Authority (FCA) and The Pensions Regulator suggest following four simple steps.

STEP 1

REJECT UNEXPECTED OFFERS

If you’re contacted out of the blue about a pension opportunity, chances are it’s a scam. Pension cold calling is illegal, and you should be very wary. An offer of a free pension review, from a firm you’ve not dealt with before, is possibly a scam.

STEP 2

DON’T BE RUSHED OR PRESSURED

Take your time to make all the checks you need — even if this means turning down what seems to be an ‘amazing deal’.

STEP 3

GET IMPARTIAL INFORMATION OR ADVICE

You should seriously consider seeking financial advice before changing your pension arrangements.

STEP 4

CHECK WHO YOU’RE DEALING WITH

Search ‘ScamSmart’ on the internet and you’ll find the page on the FCA website to help you avoid investment and pension scams. This interactive page will take you step by step through how to check an investment or pension opportunity.

You can also call the FCA Consumer Helpline on 0800 111 6768 for more help and support.

If you believe you may have been contacted about a scam you should call Action Fraud on 0300 123 2040.

If you don’t use an FCA authorised firm, you won’t be covered by the Financial Ombudsman Service, or the Financial Services Compensation Scheme, if things go wrong.