Warning from Action Fraud to #ProtectYourPension as £1.8 million lost to pension fraud so far this year

Data from Action Fraud shows a steady fall in pension scam reports from 1,788 in 2014 to 358 in 2020 – a reduction of almost 80 per cent.

However, there has been an increase in reporting so far this year, with 107 reports of pension fraud received in the first three months of 2021. This is an increase of almost 45 per cent when compared to the same period in 2020.

Pension scams often include free pension reviews, “too good to be true” investment opportunities, or offers to help release money from your pension even though you’re under 55.

Sadly, the true scale of pension fraud is likely to be much higher than what is being reported, as victims often don’t realise they have been scammed until many years later.

Some simple steps to protect yourself from pension scams

• Reject unexpected pension opportunities, such as free pension reviews or investment opportunities involving your pension, whether made via email, social media, text, or over the phone.
• Research who you’re dealing with before changing your pension arrangements – check the FCA Register, or call the FCA on 0800 111 6768 to see if the firm is authorised by the FCA.
• Don’t be rushed or pressured into making any decision about your pension – consider getting impartial information and advice from a financial advisor authorised by the FCA to help you make the best decision for your own personal circumstances.
• Be suspicious if you are contacted out of the blue about an investment opportunity - seek advice from trusted friends, family members or an independent professional advice service before making a significant financial decision, especially when it involves your pension pot. Even genuine investment schemes can be high risk.
• Be ScamSmart and visit the ScamSmart website to learn how to protect yourself from pensions scams.

If you suspect a scam, report it

If you think you’ve been a victim of pension fraud, contact your pension provider immediately and report it to Action Fraud online at actionfraud.police.uk or by calling 0300 123 2040.

You can also report an unauthorised firm or a scam to the FCA by using their reporting form or by calling 0800 111 6768.

Cold calls about your pension are illegal. You can report nuisance calls and messages to the Information Commissioner’s Office using their online reporting tool or by calling 0303 123 1113.

If you've agreed to transfer your pension and now suspect a scam, contact your pension provider straight away. They may be able to stop a transfer that hasn't taken place yet. If you are unsure of what to do contact the Pensions Advisory Service for help. 

https://www.actionfraud.police.uk/news/warning-from-action-fraud-to-protectyourpension-as-1-8-million-lost-to-pension-fraud-so-far-this-year