Pension Fraud

Pension fraud

If you’re over 55, the law now lets you access your pension savings. You have control of your pension pot and it’s for you to decide how to invest the money.

Scammers may target you to steal your savings. They do this by persuading you to cash out your pension and put the money into fraudulent and unregulated investments with the promise of high returns.

If you’re under 55, you can transfer your pension to another scheme, but you can’t access the funds unless you’re seriously ill. If you’re offered a cash incentive to transfer your pension, you’re likely to face tax charges worth more than half your pension savings.

If you’re cold-called, get a text, email or similar approach that you haven’t invited, offering a pension review, be careful. It may not be someone acting in your best interests.

Never make a decision based on phone calls, glossy brochures or pushy salespeople. How often do you buy from a doorstep salesperson? So why trust someone you’ve never met, contacting you from a company you’ve never heard of, with your life savings?

Always seek advice from an expert who has no connection with the ‘sales pitch’. If possible, research the company. A genuine financial adviser should be registered with the FCA.

In short, if you receive a cold call, email, text, or any message about your pension, end the call or delete the message immediately. For more advice, visit The Pensions Regulator.

For more information and help or to report on this and many other types of fraud, visit Report Fraud, the UK’s national cyber crime and fraud reporting service.