A total of £30,857,329 has been reportedly lost to pension scammers since 2017 according to the Financial Conduct Authority and The Pensions Regulator. Scammers targeted pension pots big and small, with reported losses ranging from under £1,000 to as much as £500,000 .
Scammers design attractive offers to persuade you to transfer your pension pot to them, often setting ‘time-limited offers’ or deadlines to pressure you into releasing your money.
You should always check the status of a firm before changing your pension by visiting the FCA register, and get advice from an FCA authorised firm before making any changes to your pension.
It may seem tempting to make a change to your pension fund now, but it’s important not to rush. Before making any decision about your pension, take your time, and always check who you are dealing with.
The regulators recommend four simple steps to protect yourself from pension scams:
- Don’t be rushed or pressured into making any decision about your pension
- Reject unexpected pension offers whether made online, on social media or over the phone
- Check who you’re dealing with before changing your pension arrangements – check the Financial Services Register or call the FCA helpline on 0800 111 6768 to see if the firm you are dealing with is authorised by the FCA
- Consider getting impartial information and advice Pension savers can test how ScamSmart they are by taking a quiz on the ScamSmart site.
Visit ScamSmart investor on the FCA website to find out more.
Posted on Thursday 3rd September 2020