Pension scammers want to steal the money you’ve built up for retirement. Scammers try to persuade people to transfer their benefits out of a pension fund to a seemingly legitimate account. Instead, you’ll transfer your benefits to a scammer, meaning they walk away with your retirement money. 

There are a few telltale signs to look out for:

  • Being approached out of the blue, by email or at home
  • Pushy salespeople who hurry you to make a decision or sign a form
  • Offers of high investment returns, unusual investment opportunities or overseas investments

And here are 4 steps you can take to protect yourself:

  1. Never give out personal of financial information to someone who’s contacted you out of the blue
  2. Check if the company that’s contacting you is on the Financial Conduct Authority’s register
  3. Speak to a financial adviser that isn’t linked to the company that’s contacted you
  4. Never rush into agreeing to a pension transfer

You can get help to avoid pension scams from the Financial Conduct Authority’s website.

If you think you’ve been targeted by a pension scam, phone Action Fraud as soon as possible on 0300 123 2040