Beware of pension scams
Pension scams are schemes that try to trick you into transferring your pension savings or releasing funds from your pension before you’re 55. They often promise high returns, low risk, or access to your money before retirement, but in reality, they can leave you with little or no money for your future.
Pension scams are on the rise in the UK, and anyone can fall victim to them. The Financial Conduct Authority (FCA) and The Pensions Regulator estimate that pension scam victims have an average of £75,000 stolen from them1. Some scammers have very convincing websites and other online presence, which make them look like legitimate companies1.
How to spot a pension scam
Pension scams often include:
If you see any of these signs, be very wary and do not agree to anything without checking the facts first.
How to protect yourself from pension scams
The best way to protect yourself from pension scams is to:
If you’re a member of the NHS Pension Scheme, you should also be aware of the risks of transferring your pension to another scheme. The NHSBSA has warned that some NHS Pension Scheme members may have already been targeted by scammers3. You should only transfer your pension if you’re sure it’s in your best interests and you understand the consequences.
What to do if you think you’ve been scammed
If you think you’ve been scammed, or you’re worried about a pension offer you’ve received, don’t panic. There are steps you can take to limit the damage and get help.
Remember, it’s your pension and your future. Don’t let a scammer enjoy your retirement.