Find out how pension scams work, how to avoid them and what to do if you suspect a scam
Scammers can be articulate and financially knowledgeable, with credible websites, testimonials and materials that are hard to distinguish from the real thing.
Report to the Financial Conduct
Authority (FCA)
by contacting their Consumer Helpline
on 0800 111 6768 or using the
reporting form at www.fca.org.uk
Report to Action Fraud
on 0300 123 2040 or at
www.actionfraud.police.uk
If you’re in the middle of a transfer
contact your provider immediately and
then get in touch with The Money and Pensions Service (MaPS) at
https://maps.org.uk/en
Contact www.fca.org.uk/scamsmart
Legitimate pension providers are highly unlikely to contact you out of the blue about your pension.
Be wary of free pension review offers and/or promises of high/guaranteed returns.
The Financial Conduct Authority’s (FCA) website has a Financial Services Register
you can check to make sure that anyone offering you advice or services is
authorised to do so.
A firm pretending to be an authorised firm is known as a ‘clone firm’ and may have
a clone website that looks exactly like the real deal.
Tip: double check their contact details against the register and see if they match. Always ensure a firm is FCA-authorised or you won’t be protected by the Financial Ombudsman Service or Financial Services Compensation Scheme if something goes wrong.
Website: register.fca.org.uk Phone: 0800 111 67 68
Pressure to act quickly or you will miss out is often a warning sign.
Take your time to make all the checks you need and remember, if it sounds too good to be true, it probably is.
MoneyHelper
Offers free and impartial information and guidance available online, over the phone and
via webchat.
Website: Moneyhelper.org.uk Phone: 0800 011 3797
Financial advisers
If you can, it’s a good idea to invest in speaking to a financial adviser. Often large
amounts of money are at stake and they will be able to help you make the right
decision for you. Tip: check any adviser you choose to use is regulated by the FCA.
Stop! Think Fraud
Learn more about how to spot and avoid scams.
Website: stopthinkfraud.campaign.gov.uk
If you suspect a scam, report to Action Fraud
Website: Actionfraud.police.uk/contact-us
Phone: 0300 123 2040. In Scotland, call 101.
Pension Scams Action Group (PSAG)
The PSAG is a multi-agency taskforce led by The Pensions Regulator. It has put together this checklist to go through if you’re ever approached about your pension.
Download the checklist to stay scam safe below.
In 2023, pension scammers stole £17.7 million from UK savers, according to The Pensions Regulator.
Pauline, a 60-year-old children’s nurse, lost her entire £45,000 pension savings to fraudsters at a vulnerable point in her life. She is one of 245 victims scammed out of a total of more than £13.5 million in pension savings by being persuaded to transfer into fraudulent schemes.
In her video, Pauline shares her experience in an attempt to help others spot the warning signs and avoid getting scammed in a similar way.
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