Pension scams

Unscrupulous companies and individuals are targeting people, particularly members of pension schemes, to con them out of their retirement savings. They might make promises of ‘one-off investment deals’ with guaranteed high returns or that you’ll be able to take your money before age 55 (which is only possible in exceptional circumstances).

Beware of any unsolicited calls, texts or emails, particularly if they mention things like ‘pension liberation’, ‘loans’, ‘loopholes’, ‘free pension reviews’ or ‘one-off investments’. Also watch out for copycat websites as they can look like official government services when they’re not. Remember, if it sounds too good to be true, it probably is – and if you transfer your money you could lose all of your savings, end up with a big tax bill or incur large fees.

You will find more guidance on the Pensions Regulator’s website www.pension-scams.co.uk or use The Pensions Advisory Service’s online tool to help identify a scam. If you have any doubts, but have already signed the paperwork, contact your pension provider immediately as they may be able to stop a transfer if it hasn’t gone through yet. Either way, you should call Action Fraud on 0300 123 2040 to report any suspicions or concerns.