Scammers are taking advantage of the pandemic to target pension scheme members. They increase their activity at times of financial stress. If you are called out of the blue by an individual or company promising to move your savings to a ‘safe haven’, please hang up. Cold-calling in this way is illegal.
Pension scams can be hard to spot. Scammers can be articulate with credible websites, testimonials and materials that are hard to distinguish from the real thing.
The Pensions Regulator has said you should exercise extreme caution and visit the ScamSmart website which has specific guidance relating to Covid-19. They also suggest you read their warning leaflet (also from the FCA and the Pensions Advisory Service).
If you are approached by someone about your pension, here are four useful steps to think about:
- Reject unexpected pension offers whether made online, on social media or over the phone.
- Check who you’re dealing with before changing your pension arrangements. Check the ScamSmart website or call 0800 111 6768 to see if the firm you are dealing with is authorised by the FCA to give advice on pension transfers.
- Don’t be rushed or pressured into making any decision about your pension.
- Consider getting impartial information and advice – in some cases it may be a requirement to do so. You can find advisers who specialise in pensions through MoneyHelper.
If you are concerned, please let us know or contact MoneyHelper.