Pension scams

Coronavirus (Covid-19)

A major event like Coronavirus can initiate new types of scam activity, not just within pensions. Scammers are opportunistic and will target anyone. The Financial Conduct Authority (FCA) have published a website providing examples of scam activity that can be linked to Coronavirus:

https://www.fca.org.uk/news/news-stories/avoid-coronavirus-scams

Pension Scams

A pension scam is when someone tries to con you out of your pension pot. It often starts with being unexpectedly contacted about investing your pension money in a business opportunity which you haven’t previously spoken to someone about, or being contacted about taking your pension pot before you are age 55.

The caller may even suggest that the Government have asked them to contact you.

They may offer you a free pension review, and encourage you to transfer your funds quickly.

If this happens to you then it’s very likely to be a scam.

You could lose all your pension pot and be faced with a 55% tax bill too.

If you’re unsure you should contact us for further information.

Here are websites providing help and guidance relating to scams:

The Financial Service Authority (FCA)

https://www.fca.org.uk/scamsmart/how-avoid-pension-scams

The Pensions Regulator

https://www.thepensionsregulator.gov.uk/pension-scams

Pension wise

https://www.pensionwise.gov.uk/en/scams

Other organisations who can provide assistance and guidance are:

The Pensions Advisory Service

The Pensions Advisory Service provides more information on pension and investment scams as well as general guidance

www.pensionadvisoryservice.org.uk

0800 011 3797

Cifas

Cifas is a not-for-profit fraud prevention organisation that helps protect individuals and organisations against fraud.

www.cifas.org.uk/individuals

0330 100 0180