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:
- Never give out personal of financial information to someone who’s contacted you out of the blue
- Check if the company that’s contacting you is on the Financial Conduct Authority’s register
- Speak to a financial adviser that isn’t linked to the company that’s contacted you
- 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