Back to news 20 August 2019

Pension scams: beware of sophisticated fraudsters

A ban on pension cold calling became UK law at the beginning of this year as an initiative against fraudsters. There is more to do, however.

The Chief Executive of The Pensions Regulator, Charles Counsell, has recently published a blog highlighting a new public awareness campaign jointly with the Financial Conduct Authority (FCA). The campaign aims to raise awareness of pension scams, highlighting the risks and providing information on the everlasting negative impact a scam might have.

To read his blog follow this link: https://blog.thepensionsregulator.gov.uk/2019/08/09/lets-join-forces-to-beat-pension-scammers-once-and-for-all/#more-1105

Typical initiatives attempted by fraudsters include:

• High pressure sales tactics
• Offering a free review of your pension
• Low risk investments with very high returns
• Avoid paying tax on your pension.

There are many more ways in which a fraudster will look to engage and entice so do be careful.

Take a cautious approach and if you are unsure then take time out to consider the situation and ask yourself if you feel something is wrong. How has this person contacted you? Why have they contacted you? Check the FCA register of regulated companies and advisors as a prerequisite before taking advice or agreeing to anything. The register can be located on the FCA website at  

https://www.fca.org.uk/firms/financial-services-register

Be vigilant and remember the old saying: If it sounds too good to be true…