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Pension Scams

Pension Scams - Be ScamSmart

The pension you have built up is valuable and there are now more choices about what you can you with your pension.  Fraudsters are aware of the increased choices and scams are becoming more frequent, more sophisticated and harder to identify.  You need to be alert to false claims as you can lose most, if not all, your pension savings in a moment.

The scammers have a variety of tactics that include:

  • Claims that you can access your pension pot before age 55 - sometimes known as 'pension liberation' or 'pension loans'
  • Claims that you can take more than 25% of your pension as cash
  • Approaching you out of the blue over the phone, via text message or in person door-to-door
  • Enticing you with promises of tax loopholes or better returns on savings
  • Offering you a free pension review, health check or try to lure you in with so-called one-off investment opportunities such as overseas property or renewable energy bonds

Check the facts before you make an irreversible decision. A lifetime’s savings can be lost by making a wrong decision.

The Pension Regulator recommends that you protect yourself by:

Read the ScamSmart Guide here.

If you suspect a scam or are affected by one:

Visit www.thepensionsregulator.gov.uk/individuals/dangers-of-pension-scams to find out more.

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