If you are thinking of transferring your pension Stop and Think! If you are interested in transferring your pension please speak to an Independent Financial Advisor (IFA) please use this link to find an IFA in your area: unbiased.co.uk.
What should you do to protect your pension from pension scams?
- Don’t speak to cold callers
- Check all the details that you are being told
- Check your IFA is Financial Conduct Authority Approved
- Check the FCA list of known scams
- Don’t let anyone rush you into making a decision
- Just because it looks like a professional website or brochure doesn’t mean it’s trustworthy
Scammers will be knowledgeable and seem very genuine. Do not be taken in by them.
Scammers will talk to you about:
- Early access to your pension (before 55)
- Guaranteed return on investment
- Free pension reviews and health checks
- Pension loans or cash upfront
- Transferring pension savings
If you agree to an illegal transfer, you will face losing your pension savings and a large tax bill. Pension rules about when you can access benefits are very clear. Please contact the pension manager via Pension-Queries@btp.police.uk if you want to check when you can take your benefits.
Pension scams have risen by 34% in the last 4 years. The nearer retirement you are the more likely a scammer is to try and contact you. Anyone can be the victim of a pension scam, no matter how financially savvy you think you are.
If you are a victim of a scam, please report it to Action Fraud by calling 0300 123 2040.