Pension scams are on the increase. Every day criminals use sophisticated ways to con pension savers out of their money. There has been an increase in scams since the onset of Covid-19, as savers may be looking to transfer pension savings while markets are unstable.
Scammers will often start by offering a ‘pension review’ or a ‘one-off investment opportunity’. Eventually, this offer will depend on you cashing in your savings and transferring them to a third party. As soon as this happens you could lose some or all your money.
You may also be liable for significant amounts of tax, as well as the money you lose. You could also receive a lower pension income when you’re retired.
What to watch out for:
● Website promotions, cold-calls, text messages or adverts encouraging you to transfer your savings in order to access a cash payment or loan
● Any contact about your pension from an unknown person or company
● Offers to help you access your money before the age of 55
● Salespeople with investment opportunities that they describe as ‘one-off’ or ‘time-limited’
● Phone calls or emails from people who claim to work for your bank or for a government department.
Who can help?
Don’t sign anything or transfer money without speaking to the Money and Pension Service. Visit the website or call 0115 965 9570.
If you think you’ve already fallen victim to a scam, call Action Fraud on 0300 123 2040.