Don’t become a victim of a pension scam

Pension scams are still on the rise and in light of the COVID-19 pandemic, 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 (TPR) 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’ and check the FCA’s register (see page 7) to make sure anyone offering you advice is authorised. If they are, check they’re permitted to give pension advice by calling the FCA Consumer Helpline on 0800 111 6768.

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.


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