Pension scams are a very real issue. Scammers appear professional and it’s becoming increasingly harder to spot the difference between something that’s credible and something that’s fraudulent. To help protect yourself we recommend you go through this checklist:
1. IS THE OFFER UNEXPECTED?
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.
2. HAVE YOU CHECKED WHO YOU’RE DEALING WITH?
The Financial Conduct Authority’s (FCA) website register.fca.org.uk has a ‘FCA Firm Checker’ where you can check anyone offering you advice or services is authorised by them. Double check their contact details against the register and see if they match.
3. STOP AND THINK – ARE YOU BEING RUSHED OR PRESSURED?
Pressure to act quickly or you will miss out is often a warning sign. Take your time to make all the checks you need. Remember, if it sounds too good to be true, it probably is.
4. SHOULD YOU SEEK IMPARTIAL ADVICE OR GUIDANCE?
- MoneyHelper – free and impartial information and guidance available online, over the phone or webchat.
- 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’ll be able to help you make the right decision for you.
- Stop! Think Fraud – learn how to spot and avoid scams.
