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How can I avoid pension scams?

Sadly, since the pension freedom reforms of 2015, many people have lost their retirement savings to pension scams. They’re a real threat that could swindle you out of the future you’ve saved lifelong for.

Often the scammers involved seem highly plausible, so they are often highly effective in persuading people to part with some or all of their retirement savings.

How to spot a scam?

Always be on your guard. Question everything. Fraudsters are highly sophisticated and convincing. They contact you by phone, email, texts, and even door-to-door. Glossy brochures and impressive websites also add to the scammers’ credibility.

The Pensions Regulator has produced a detailed leaflet outlining clues to look out for and what to do if you think you’re being scammed: www.thepensionsregulator.gov.uk/-/media/thepensionsregulator/files/import/pdf/pension-scams-booklet-members.ashx

Here are some typical scam ‘tells’ to look out for:

Out-of-the-blue contact.
Claiming exaggerated investment returns.
Demanding a quick decision.
Avoiding call-backs.

Be wary of phrases like:

"It's for a limited time only"
"We guarantee a return of 8%."
"We've found a legal loophole."
"It's free!"
"You can take your pension before you're 55."

More information from independent organisations:

The Pension Regulator: www.thepensionsregulator.gov.uk/individuals.aspx

Financial Conduct Authority: www.fca.org.uk/consumers/scams/how-to-avoid-scams

How to check against fraud

You may rely on your family and friends for help and advice, but there are much more thorough and reliable ways to check if a company and pension offer are legitimate or bogus:

Check the Financial Conduct Authority (FCA) register: it holds details of companies authorised by the FCA to give advice or offer regulated financial products. Make sure the company in question is on this list.

Visit www.fca.org.uk/register or call the FCA on 0800 111 67 68.

Check the FCA ScamSmart warning list https://www.fca.org.uk/scamsmart

10.9 million

10.9 million consumers received unsolicited calls about their pension following the reforms of 2015, according to calculations by Citizens Advice.

70%

This is the percentage of Citizens Advice clients aged 55 who were more likely to seek help with fraud because they tend to have the most pension savings and are at the earliest age to access them.

£120 million

One investigation by the Serious Fraud Office identified a scam of over £120 million invested, including pension funds, by over a thousand individuals.

88% are susceptible

A fraud test by Citizens Advice reveals how difficult it can be to spot a scam. Test results reveal 88% opted for a scam ad. Only 12% chose a legitimate pension offer.

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Protecting yourself from scams

10.9 million

70%

£120 million

88% are susceptible

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