Spread the word and make sure we can all spot a pension scam

06 June 2016

Gillian Guy, chief executive of Citizens Advice said:

“Fraudsters have shifted their tactics to rob people of a retirement income.

“It’s difficult for consumers to stay ahead of pension scams as they evolve. Many scammers use professional looking websites and leaflets to fool their victims into signing up to free pensions advice or cold call with offers of unusually high investment returns.

“Before considering any kind of pension offer, you should check the Financial Conduct Authority’s website to make sure the company is legitimate. If you are worried that you may have been targeted by scammers you can get help and support from Citizens Advice.

“If you are over 50, Pension Wise guidance can equip you with the knowledge of what to look out for to avoid falling victim to scams.”

The Citizens Advice Too good to be true report is available to read in full at the Citizens Advice website.

Do you know the top ten signs of a pensions scam?

The Pensions Regulator provides a ten step guide for individuals to help them to spot a scam as well as advice and information for business advisers and trustees to help them protect their clients and scheme members.

  • Be wary of cold calls and unsolicited texts or emails
  • Check everything for yourself
  • Make sure your adviser is on the Financial Conduct Authority approved register
  • Check the FCA's list of known scams
  • Steer clear of overseas investment deals
  • Don't fall for 'guaranteed' returns or professional looking websites or brochures
  • Don't be rushed into a decision
  • If you're aged 50 or over and have a DC pension, talk to Pension Wise
  • Ask The Pensions Advisory Service for help if you have doubts
  • Contact your provider and call Action Fraud if you've already signed and think you've been scammed