Pension scams are an on-going problem, but knowing the warning signs will help protect your savings.
Fraudsters may try to lure you into an illegal pension transfer. If the transfer goes through, you might never see your pension again and you could face a large tax bill as well!
Scammers’ tactics are becoming ever more sophisticated. They will try to flatter, tempt and pressure you. If you think you’ve been a victim of a scam, please report it to Action Fraud on 0300 123 2040.
Be wary of...
- offers of ‘deals’ or high-risk and unusual investments, such as overseas property and hotels, renewable energy bonds, forestry, parking or storage units
- promises of ‘guaranteed returns’
- limited or one-off pension investments
- cold calls
- upfront cash or promises to help you access your pension funds early
- pressure to agree to the deal quickly
These offers are unlikely to be genuine.
If you’re under age 55, you usually cannot release your pension, unless you are too ill to work.
Before agreeing to any pension transfers…