Pension Scams

People targeted repeatedly with pension scams, say Citizens Advice

Over 55s are being repeatedly contacted with cold-calls and emails offering fraudulent pension opportunities, warns Citizens Advice.

Over four months after the pension reforms came into effect, figures from the national consumer body find that two in five Citizens Advice pensions staff across England and Wales have seen people targeted repeatedly with pension scams.

Albert Ball, Project Manager at Wiltshire Citizens Advice Pension Wise said:

“Pension scams threaten people’s financial security. Scammers are finding new ways to go after people’s pension pots including offering free pension reviews and promising to invest funds that don’t necessarily exist. “If you’ve had an offer or signed up to a pension scheme you’re unsure about, I urge you to contact your local Citizens Advice where our staff can offer free help and support.”

Citizens Advice offers Pension Wise guidance where people aged over 50 can access free face to face guidance sessions. To book an appointment call 01722 580052

Common signs of a pension scam

  • Pension help for free: an offer of help with your pension, such as free review or help tracing a lost pension
  • High rates of return: any promotion offering you a much higher rate of return than other investors
  • Time pressure: if you are told you must give your details within a short time frame or sign paperwork from a courier
  • Early access: an offer to help you access your pension before the age of 55

How to avoid being scammed

  • Never be rushed into making a decision
  • Check if the company contacting you is regulated by the Financial Conduct Authority (FCA)
  • If you are unsure, contact The Pensions Advisory Service on 0300 123 1047 or contact Citizens Advice on 03454 04 05 06
  • Look at the FCA’s Scamsmart warning list, which gives the names of investment schemes that are known scams.fca.org.uk/scamsmart
  • If you have already accepted an offer you think is a scam, report it to Action Fraud
  • For further advice on pension scams, visit pensionwise.gov.uk
This entry was posted in News.

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