Don't be tricked out of your pension! We've included 10 suggestions to help you spot the warning signs and protect your pension.
Always reject any unexpected calls, emails, texts or social media approaches about pensions.
Be very wary if you're offered a free pension review or advice by anyone.
Research into who is offering you financial advice. Check the FCA register to make sure they're authorised by the Financial Conduct Authority (FCA) and have permission from the FCA to give you financial advice.
Sometimes scammers may pretend to be from a firm authorised by the FCA, so you should always use the contact details provided on the FCA register - not the details they give you.
Don't be fooled by slick-looking brochures and websites - anyone can pay for a professional-looking one. Check all the contact details and accreditation you see there. If there are none, then it's probably a scam.
Never allow yourself to be rushed into a decision. Take your time to make all the checks you need - even if this means turning down an 'amazing deal'.
Scammers may tell you that your current pension scheme will try to stop you transferring out, suggesting they just want to keep your money. This is not the case. If your Scheme administrator, Railpen, suspects a scam, we have a legal obligation to try to protect your funds. You can read more on the Transferring in or out page.
Don't take financial advice from a company that has contacted you out of the blue. We are aware that some companies are proactively contacting members, and would recommend you think carefully before speaking with them. You should never use an adviser they suggest, as this may be part of the scam. Similarly, if you're on the phone, a scammer may suggest you 'call someone else' to gain your trust. But the scammer doesn't close the line. You may think you're on a new call speaking to a trusted adviser, when in fact you're still speaking to a scammer.
If someone has approached you claiming to be from a well-known organisation, check that their contact details match exactly.
Always get impartial information and FCA-regulated advice before you take any action with your pension. You can find more information on the Guidance and advice page.
It is highly unlikely that we will contact you by phone, unless you have an ongoing query or case. Make sure you check the reason for any call you get about your pension and feel confident it is legitimate before giving any personal information.
If something doesn’t seem right you can always get in touch with the Scheme administrator, Railpen, to check.
If you have registered for a myRPS account, it is also really important that you do not share your login details with anyone. If you think your details have been compromised, you can login and change your password at any time.
Pension scams are common, so it is important that you are vigilant and keep your membership information safe. For more information about pension scams or to report something suspicious visit fca.org.uk/scamsmart