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Pension Scams

Pension scams - don’t get stung

Pension scams are on the increase in the UK.  Savers are being enticed by claims that they can access their pension before age 55 or that they can already take more than 25% of their pension as cash.  For most people the offers will be false and victims will lose most, if not all, of their savings.

The scammers have a variety of tricks to catch you out. They may:

  • claim that you can access your pension pot before age 55
  • approach you out of the blue over the phone, via text message or in person door-to-door
  • entice you with upfront cash, pension loans or promises of better returns on your savings
  • offer a free pension review, health check or try to lure you in with so-called one-off investment opportunities.

Check the facts before you make an irreversible decision. A lifetime’s savings can be lost in a moment.

What to do if you think you’re being targeted:

  • Never be rushed or pressured into making a decision
  • Before you sign anything, call The Pensions Advisory Service on 0300 123 1047
  • If you have already accepted an offer, call Action Fraud on 0300 123 2040
  • Understand your options by visiting www.pensionwise.gov.uk *

The Pensions Regulator has produced information about pension liberation fraud for members, which includes a video, infographic and booklet. *

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*Webpages will open in a new window.  NILGOSC is not responsible for content on external websites