In 2023, 1 in 17 adults in England and Wales were victims of fraud*
Pension scams are on the rise, and anyone can be a target. But being aware of the warning signs can help you stay one step ahead of fraudsters and ensure your pension is always protected.
If you’re contacted out of the blue about a pension opportunity, it could be a scam. Pension cold calling is illegal in the UK and an offer of a free pension review from a firm you’ve not dealt with before could be a scammer’s attempt to persuade you to transfer your pension savings to a place they can get their hands on your cash.
Fraudsters don’t care who you are or that their scam could ruin your life. So knowing the warning signs, such as a cold call, text or email offering a one-off investment or asking you to release money from your pension, could stop them from taking what you’ve worked so hard to build up.
Some of common signs of a pension scam include:
- Words or phrases such as cashback, loophole, better return on investment and free pension review
- Mentions of avoiding a tax bill and releasing money from your pension
- Time limits such as final offer, one-time deal or three days left
Or they might try to sell you fixed-term pension investments, which could mean you might not realise for years that you've been scammed.
Don’t let pension scammers steal what you’ve worked so hard for. Remember, if something sounds too good to be true, it usually is. For more information on how to spot fraud and how to protect yourself, visit the Stop! Think Fraud government site.
*Source: Crime Survey for England and Wales, year ending September 2023
Published: 18 October 2024
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