Thinking of opting out?
Your money could be at risk.
Transfers are the main way scammers steal pension savings.
Before you agree to a transfer read this.
Scammers are targeting pension pots of all sizes - make sure you know how to spot the signs.
Pension scammers are targeting people like you, with the average victim losing £91,000.
Scams are hard to spot and are often disguised with credible websites, testimonials and materials which make them look like the real thing.
To help you spot the signs and protect yourself from a scam, the Financial Conduct Authority (FCA) and The Pensions Regulator suggest following these four simple steps:
Step 1 - Reject unexpected offers
If you're contacted out of the blue about a pension opportunity, the chances are that it's a scam. Pension cold calling is illegal, and you should be very wary. An offer of a free pension review from a firm you haven't dealt with before is probably a scam.
Step 2 - Check who you're dealing with
Visit fca.org.uk/scamsmart and check the FCA's register to make sure anyone offering you advice is authorised. If they are, check they're permitted to give pension advice by calling the FCA Consumer Helpline on 0800 111 6768.
If you don't use an FCA-authorised firm, you risk not having access to compensation schemes.
Step 3 - Don't be rushed or pressured
Take your time to make all the checks you need - even if this means turning down what seems to be an 'amazing deal'.
Step 4 - Get impartial information or advice
You should seriously consider seeking financial advice before changing your pension arrangements. In some cases, for example where you are wanting to transfer more than £30,000 from a DB scheme, you must obtain this advice.
Consider using The Pensions Advisory Service which provides free independent and impartial information and guidance.
If you suspect a scam, report it.
You can report an unauthorised firm or scam to the FCA using the online reporting form or on 0800 111 6768.
If you suspect a scam, report it to Action Fraud on 0300 123 2040 or at actionfraud.police.uk
Be ScamSmart with your pension. To find out more, visit
fca.org.uk/scamsmart
Phishing Scams
Phishing scams are attempts to trick you into giving out personal information, including your bank account numbers, passwords and credit card numbers.
They may come in the form of a phone call from somebody claiming to be a security expert offering to fix a problem they have remotely found on your computer, or an email asking you to update your online bank details.
The security scam. Simply put, no legitimate IT security company, and certainly not Microsoft, will ever contact you in this way. They can't access your computer to determine whether you have any malware or system/security issues unless you let them, and that's exactly what they're after. They'll try to take you through a process to give them access, so just hang up.
Emails asking you to update your bank details or payment details can sometimes look quite convincing. Don't be taken in and don't open the email.
If you're unsure and you use online banking, ignore the email and log in through your usual method. You can then check your own account details and contact your bank, to check all is well. Either delete the phishing email or report it to your bank. They may already be aware of it and will be able to advise you.