Pension scams are a big threat. As you near retirement, fraudsters may try to lure you in to an illegal transfer. If you fall victim, you could lose all your pension savings and face a large tax bill on top.
Scammers’ tactics often include promises of:
- early access to your pension (before age 55)
- investments with ‘guaranteed returns’
- free pension reviews and health checks
- pension loans or upfront cash
- transferring your pension savings into small occupational schemes to avoid scrutiny from regulators
Follow these tips to protect your pension:
- Be wary of cold calls and unsolicited texts or emails
- See if advisers are registered with the Financial Conduct Authority – check now
- Steer clear of overseas ‘investment deals’ and promises of ‘guaranteed returns’
- Do your homework and don’t be rushed into a decision
- Before signing anything, call The Pensions Advisory Service on 0800 011 3797
If you think you’ve been a victim of a scam, report it to Action Fraud.
Read more in Don't Let A Scammer Enjoy Your Retirement.