Pension Scams — don’t become their next victim!

As a result of the recent volatility in financial markets, the Pensions Regulator has highlighted the potential risk of increased pension scam activity as fraudsters look to prey on people’s concerns.

These criminals are clever and know all the tricks to get you to hand over your savings. Here are some tips to help protect you and your pension savings from potential scams.

DON’T

• Accept offers from anyone who contacts you about your pension out of the blue — this could include a ‘free pension review’, a home visit or hand-delivered paperwork;
• Be lured into overseas investment deals — well known scams include unregulated investments in things like hotels and vineyards, where your money is also more at risk because it’s difficult to access;
• Fall for ‘guaranteed’ returns — there’s no such thing; and
• Be rushed into a decision because of a ‘time-limited’ offer.

DO

When it’s time for you to start accessing your pension savings, or if you’re considering transferring your Personal Account out of the Scheme, you should:

• Speak to an authorised independent financial adviser (IFA) before making a decision that could affect the rest of your life. You can find an IFA at register.fca.org.uk;
• Speak to Pension Wise who provide free guidance to those over age 50 (see page 5); and
• Ask MoneyHelper for help if you have doubts. Visit MoneyHelper.org.uk.

If you think you may have been approached by a pension scammer, you should contact Action Fraud on 0300 123 2040.

Remember — if something sounds too good to be true, it probably is!