Pension scammers are sneaky, and they’re getting smarter every day. Scammers use deception, pressure and trickery to steal your hard-earned money and personal information.
But knowledge is your best defence. Here are five things pension scammers don’t want you to know, with practical steps you can take to protect yourself.
1. Staying in touch with your now:pensions account makes scammers’ lives harder
Set up and manage your now:pensions account online or through the now:u app. This lets you keep an eye on your money and receive important messages from us. Keep your personal contact details up to date to make sure you don’t miss any emails or letters.
What you need to know
- Set up your now:pensions account at nowu.nowpensions.com or by downloading the now:u app from App Store or Google Play. There’s step-by-step instructions to logging in for the first time on our website.
- When you set up your now:u account you enable strong security like two-factor authentication and facial recognition. These add an extra layer of protection when logging in.
- Check your personal details are up to date. Log into now:u, choose the profile icon in the top right-hand corner and select Personal details.
- If you need a trusted adviser or family member to access your account, set them up with us to keep access secure and controlled.
2. Your email is a key target – protect it like your pension
Scammers are keen to get into your email, because it’s a gateway to your personal and financial information. If scammers get into your email, they can access sensitive messages, reset passwords, and pretend to be you.
What you need to know
- Use a strong, unique password for your email account. A good tip is to create a password from three random words combined into one – this makes it both memorable and hard to crack. Use a mixture of numbers, upper and lower case letters and special characters.
- Never share your password with anyone, no matter how convincing they sound.
- Keep your devices and software up to date with the latest security releases. This includes your computer, tablet, phone, and browser software, as security updates fix weaknesses that scammers try to use.
3. Beware of impersonation and spoofing
Scammers often get in touch pretending to be trusted organisations like your pension provider. They can use spoofing techniques, which make their caller ID or email address look like its coming from a real company. This makes it harder to spot a scam.
What you need to know
- Always double-check who you’re talking to. If you receive an unexpected call or message, don’t share any information.
- Instead, hang up and call the caller back, using the official phone number on the company’s website or your paperwork.
- Be very cautious if the caller ID or email address looks genuine but you weren’t expecting contact.
- Scammers are using artificial intelligence to make their messages look better – but still watch out for poor spelling and grammar as signs of a scam communication.
- Always check a financial adviser is regulated by the Financial Conduct Authority (FCA). The government-backed MoneyHelper website has a list of regulated financial advisers.
4. Be careful of unexpected pension offers
Scammers often reach out unexpectedly by phone, email, text or social media, offering early access to your pension, free ‘pensions reviews’, or guaranteed better returns. Cold calling about pensions is illegal and a strong sign of a scam.
What you need to know
- Never reply to un-asked for offers about your pension, no matter how tempting they sound.
- Anyone who tells you it’s possible to take money out of your pension savings for retirement without being at least 55 (57 from 6 April 2028) is a scammer.
- Check links and attachments carefully before opening them, as scammers use fake links to steal your personal information.
- Real companies won’t pressure you to make quick decisions or share sensitive details immediately.
- Never share your bank or credit card details with anyone who contacts you unexpectedly.
5. You’re not alone – help is available
If you suspect you’ve been targeted by a pension scam or want to report suspicious activity, there’s support and advice available.
What you need to know
- Please contact us if you have any questions about your account, or you’re worried something looks suspicious.
- You can find out more about pension scams on the MoneyHelper website.
- Report Fraud is the UK’s national fraud and internet crime reporting centre. You can contact them on 0300 123 2040 or use their online fraud reporting tool to report scams quickly and securely.
Remember, reporting scams helps authorities track and stop scammers, protecting other people from becoming victims.
Your pension is your future. Keep it safe from scammers.
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