Don’t let a scammer enjoy your retirement

Find out how pension scams work, how to avoid them and what to do if you suspect a scam.

Scammers can be articulate and financially knowledgeable, with credible websites, testimonials and materials that are hard to distinguish from the real thing. Scammers design attractive offers to persuade you to transfer your pension pot to them or to release funds from it. It is then invested in unusual and high-risk investments like overseas property, renewable energy bonds, forestry, storage units, or simply stolen outright.

Scam tactics include:

  • contact out of the blue
  • promises of high / guaranteed returns
  • free pension reviews • access to your pension before age 55
  • pressure to act quickly

Four simple steps to protect yourself from pension scams

  1. Reject unexpected offers
    If you’re contacted out of the blue about your pension, chances are it’s high risk or a scam. Be wary of free pension review offers. A free offer out of the blue from a company you have not dealt with before is probably a scam. Fortunately, research shows that 95% of unexpected pension offers are rejected.*
  2. Check who you’re dealing with
    Check the Financial Services Register (www.register.fca.org.uk) to make sure that anyone offering you advice or other financial services is FCA-authorised.
    If you don’t use an FCA-authorised firm, you also won’t have access to the Financial Ombudsman Service or the Financial Services Compensation Scheme. So you’re unlikely to get your money back if things go wrong. If the firm is on the FCA Register, you should call the Consumer Helpline on 0800 111 6768 to check the firm is permitted to give pension advice.
    Beware of fraudsters pretending to be from a firm authorised by the FCA, as it could be what we call a ‘clone firm’. Use the contact details provided on the FCA Register, not the details they give you.
  3. Don’t be rushed or pressured
    Take your time to make all the checks you need – even if this means turning down an ‘amazing deal’.
    Be wary of promised returns that sound too good to be true and don’t be rushed or pressured into making a decision.
  4. Get impartial information and advice
    The Pensions Advisory Service (www.thepensionsadvisoryservice.org.uk) – Provides free independent and impartial information and guidance.
    Pension Wise (www.pensionwise.gov.uk) – If you’re over 50 and have a defined contribution (DC) pension, Pension Wise offers pre-booked appointments to talk through your retirement options.
    Financial advisers – It’s important you make the best decision for your own personal circumstances, so you should seriously consider using the services of a financial adviser. If you do opt for an adviser, be sure to use one that is regulated by the FCA and never take investment advice from the company that contacted you or an adviser they suggest, as this may be part of the scam.

Financial Conduct Authority
The Pensions Regulator

#scamaware

2 Comments

  1. George Freddie

    Please kindly read my experience with a scam Binary option broker before you choose where to invest your money. Believe it or not 80% of Binary option, bitcoin and forex brokers and Account Managers are scammers. I lost over $295,000 to Binary option brokers after promising withdrawal without extra charges. Whenever I tried pulled out my profit it always ended unsuccessfully till I contacted my broker team who advised me to make more payment before my withdrawal request can be granted. I did all the necessary requirements still I couldn’t withdraw from my account, then I realized I was dealing with a scam broker.After some weeks of battling on how I can withdraw my funds I totally lost access to my account, I sent several messages and mails to their customer support but none of my complaints was attended to. At this point i realized I have been scammed, I contacted some security agencies on how I can gain access back to my account but none was able to help .God so kind i came across an article talking about how one Mr Frederick Morris helped All Crypto currency scammed victims retrieved their fund and gained access back to their account, immediately I contacted the email address provided for consultation. I narrated my experienced to him , after some hours I got a reply from him , he requested for some legal details about the broker including the amount I lost and the year I invested my money with them .I forwarded all the details to him, to my greatest surprise within 2-3days I was able to accessed my account against and my lost fund was recovered successfully. I want to advice investors and traders who have lost funds to brokers and Account manager to kindly seek help from Mr Frederick Morris he will definitely help you get back your money without delay, kindly reach him via his email below Frederickmorris807@gmail. com

    Reply
    1. southashfordcf (Post author)

      Thank you for sharing your experience.
      Our website is aimed at UK residents. We recommend residents seeking to invest always use an adviser or broker registered with the Financial Conduct Authority. If there is any doubt they should check the registration directly on the FCA register

      Reply

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