Members should always be aware of pension scams and take extreme care if considering transferring benefits out of the Scheme (or indeed, if investing pension benefits such as pension commencement lump sums).
In an attempt to scam you out of your pension savings, scammers may pose as financial advisers and/or try to flatter, tempt and pressure you into transferring your pension, or investing your pension commencement lump sums.
Tactics used may include promises of guaranteed or unusually high returns; a cold call, text or website pop-up offering a free pension review, a one-off opportunity or a legal loophole; access to pension savings before age 55; paperwork delivered by courier that requires immediate signature; a proposal to put your pension savings in a single investment or an overseas transfer.
Once a pension transfer (or pension savings investment) is made to a scam scheme, it is probably too late. Those pension savings will then only benefit the scammers. Never be rushed or pressurised into making a pension transfer or pension-savings investment decision.
Regulations were introduced in November 2021 which require the Trustee, in certain circumstances, to carry out additional checks before transferring benefits from the Scheme. This is to help safeguard members from the risk of being defrauded. Please be aware that some delays may result from the need for these checks to be carried out. Members should, however, continue to remain vigilant to the risk of pension scams.