WORRIED ABOUT SCAMS?
Pension scams are a major concern and we urge all our members to be extra vigilant; your benefit is very valuable. Action Fraud, the UK’s official fraud monitoring centre, regularly reports high numbers of pension fraud.
If you think you or a relative may be a victim of a pension scam, contact Action Fraud at: www.actionfraud.police.uk
The warning signs of a scam are:
- Someone offering to carry out a ‘free pension review’ for you
- A ‘guarantee’ of better income for you on your pension savings
- Someone offering to help release cash from your pension
- Anyone putting you under pressure. High-pressure sales tactics – for example, telling you that you must act soon or lose the offer, or even sending a courier to your door – should alert you to a scam
- An unusual investment opportunity. These tend to be unregulated and high risk and can be difficult to sell if you need access to your money
- A complicated structure where it’s not clear to you where your money will end up
- Complicated fee arrangements where there are several parties involved (some of which may be based overseas) all taking a fee. This means that the total amount deducted from your pension can be significant
- An investment which you’re told will only mature a long time in the future – which means it could be several years before you realise something is wrong.
For more information about these and other pension scams as well as how to avoid them, visit www.fca.org.uk/scamsmart or www.thepensionsregulator.gov.uk/pension-scams