Pension scams – be aware

It’s important to learn the differences between what’s real and what isn’t. Our useful tips will help you!

The Pensions Regulator (TPR) has listed some common tactics used by scammers which include:

• Cold calls (now illegal), text messages, website pop ups, or door salesmen offering pension reviews or enticing opportunities involving your pension
• Convincing marketing materials promising over 8% returns on investments
• Paperwork delivered to your door by courier that requires immediate signature
• A proposal to put your money in a single investment
• Claiming that you can access your pension before age 55
• Transfers of your money overseas

TPR recommend four top tips to avoid being caught in a scam:

1. Never be rushed into a decision
2. Check the adviser is approved by the Financial Conduct Authority at: register.fca.org.uk/
3. If you’ve already accepted an offer, speak to Action Fraud on 0300 123 2040
4. Understand what is available to you. Use the free resource, Pension Wise, if you’re over 50: www.pensionwise.gov.uk