Don't let a scammer enjoy your retirement
Pension scams can be hard to spot. Pension scammers will do whatever it takes to get their hands on your savings. Pension scams can often include:
- Contact out of the blue
- Promises of high and/or guaranteed returns
- Free pension reviews
- Access to your pension before age 55
- Pressure to act quickly
Scammers can be articulate and financially knowledgeable, with credible looking websites, testimonials and materials that are hard to distinguish from the real thing.
Pensions cold-calling banned
From 9 January 2019, companies that make unwanted, unsolicited phone calls to people about their pensions may face enforcement action, including fines of up to half a million pounds. One of the most common methods used by scammers to commit pensions fraud is through cold calls, which is why the government has taken action.
The ban prohibits cold-calling in relation to pensions, except where:
- the caller is authorised by the Financial Conduct Authority (FCA), or is the trustee or manager of an occupational or personal pension scheme, and
- the recipient of the call consents to calls, or has an existing relationship with the caller
If you receive a cold call about your pension, get any information you can, such as the company name or phone number, and report it to the Information Commissioner’s Office via their website or on 0303 123 1113
Further information and guidance on pension scams is available on both The Pension Regulator Pension Scams website and the Financial Conduct Authority (FCA) ScamSmart website.
