Your Pension - Your Future 

Cold-calling you about your pension is now illegal. If you receive such a call, get any information you can, such as the company name or phone number. Then report it to the Information Commissioner's Office website.

Fraudsters will often use text messages, emails, and social media to contact you out of the blue and claim they're from a government body to gain your trust. These government organisations will never contact you unexpectedly to offer a pension review.

People have fallen for scams because they'd been 'recommended by a friend'. Even if you consider yourself to be financially savvy, if it doesn't feel right, it probably isn't. Recent research suggests that the more highly educated a person is, the more likely they are to fall for a pension scam.

Check the Financial Conduct Authority (FCA) approved register to see if the adviser is on there. Pension scammers often pose as ‘financial advisers’, so check to make sure yours is FCA-registered.

Go to the FCA website to see if the deal you’re being offered is a known scam.

Typical scams include unregulated investment in a hotel, vineyard, or other overseas opportunities. They involve all your money being in one place, and this lack of diversification provides more risk. You can also never guarantee return on most investments.

A smart-looking website and brochure can be easy to get hold of these days. Question everything - no matter how credible it sounds or looks.

Scammers will try to pressure you with ‘time-limited offers’ or even send a courier to your door to wait while you sign documents. Take your time to make all the checks you need – even if this means turning down an ‘amazing’ deal.

MoneyHelper now brings together the support and services of three government-backed financial guidance providers: Money Advice Service, The Pensions Advisory Service and Pension Wise, and is there to help you figure out your retirement options. Visit the MoneyHelper website for more information.

If you’ve already signed something you’re now unsure about, call Action Fraud on 0300 123 2040 and contact your pension provider immediately. They may be able to stop a transfer that hasn’t taken place yet. 

Find out more about other ways to safely invest such as Additional Voluntary Contributions (AVCs) or Salary Sacrifice.