Pension Scam Awareness

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.

Further information from the FCA can be found at Scam Smart External link icon. Members may also wish to visit the Money and Pensions Service website External link icon. More information can be found on our dedicated Useful Links page.