Pension scams.
Scams can be hard to spot and are often disguised by credible websites, testimonials and materials which make them look like the real thing.
To help you spot the signs and protect yourself from a scam, the Financial Conduct Authority (FCA) and The Pensions Regulator suggest following these four simple steps:
Step 1 - Reject unexpected offers
If you’re contacted out of the blue about a pension opportunity, the chances are that it’s a scam. Pension cold calling is illegal, and you should be very wary. An offer of a free pension review from a firm you haven't dealt with before is probably a scam.
Step 2 - Check who you’re dealing with
Visit fca.org.uk/scamsmart and check the FCA’s register to make sure anyone offering you advice is authorised. If they are, check they’re permitted to give pension advice by calling the FCA Consumer Helpline on 0800 111 6768.
Using an FCA-authorised firm will mean you can access compensation schemes if needed.
Step 3 - Don’t be rushed or pressured
Take your time to make all the checks you need - even if this means turning down what seems to be an ‘amazing deal’.
Step 4 - Get impartial information or advice
It's really important to seek financial advice before changing your pension arrangements. In some cases, for example where you are wanting to transfer more than £30,000 from a Defined Benefit (DB) scheme, you must obtain this advice.
MoneyHelper provides free independent and impartial information and guidance.
Keeping your money safe online.
Some scams attempt to trick you into giving out personal information, including your bank account numbers, passwords and credit card numbers. It may come be a phone call from somebody claiming to be a security expert offering to fix a problem they have remotely found on your computer, or an email asking you to update your online bank details.
To keep your money safe online:
Don't click on any attachments or links within emails you are unsure of unless you know it is from a reliable source
If you use online banking, you can always hang up the phone or ignore the email and log in through your usual method
You can always contact your bank to check all is well
Report any unusual activity or emails to your bank, they may already be aware of it and can advise you