Pensions Minister Warns Against Pension Scams

10 October 2016

Pensions Minister Issues Warning About Pension Scams This week has seen new pensions minister Richard Harrington warn pension savers over the ever rising number of pension scams.

"Scammers are looking for new ways to target people, so don't make it easy for them to steal your hard-earned savings. Think twice and check who’s calling. Let’s stop these fraudsters in their tracks."

But how should savers protect themselves from such scams?

Never trust cold callers

No reputable organisation will ever call cold call you offering you promises of huge returns if you move your pension to their fund. If anyone cold calls you out of the blue and wishes to discuss your pension with you then simply hang up on them. Chances are that their intentions were not honourable.

Do your research

Be wary of any offers or promises that a company makes. If something seems too good to be true then it almost certainly is. Do your homework and research, research and research!

Get your own advice

Many pension scammers will have fancy websites and brochures and slick talking 'advisors' who will try to tell you that they are independent and are giving you unbiased advice. You should always go and get your own, completely independent advice on any financial matter such as pensions.

Don't be rushed

If you are ever rushed to make a decision on a financial matter such as your pension savings then you are almost certainly being scammed. No reputable company would ever do such a thing so proceed with extreme caution.

If you're ever in doubt, call The Pensions Advisory Service

The Pensions Advisory Service offer free and unbiased advice on pensions which means if you suspect you are being scammed then you should call them for advice and guidance on 0300 123 1047 or go to their website www.pensionadvisoryservice.org.uk.

Check with the Financial Conduct Authority

Scammers can often pose as financial advisors. Check to see if they are registered as they should be with the Financial Conduct Authority by going to www.fca.org.uk/register.

Think you've been scammed? Call Action Fraud

If you think that you have already been scammed, then call Action Fraud. Their telephone number is 0300 123 2040 and you should also contact your current pension provider too who may be able to put a stop to any transfer that hasn't yet taken place.

If you enjoyed this article, you may also like The Ultimate Guide to Online Fraud in the Workplace.

  • Author Profile
    • Sp avatar Jack Saville

      Jack was a Marketing Executive at Smart Pension. Jack served as Smart Pension's Marketing Executive from September 2014 to October 2…