If it sounds too good to be true, it probably is.
Scammers have stolen the life savings of thousands of people using promises such as ‘upfront cash’ and ‘one off deals’.
Top tips
Here’s some advice from The Pensions Regulator (TPR) to protect yourself from fraudsters:
- if you receive a cold call, hang up
- if you think you've been scammed you must call Action Fraud immediately on 0300 123 2040, as they may be able to stop the transfer if it hasn’t yet taken place
- don’t place your trust in investments promising ‘guaranteed returns’
- make sure your Independent Financial Advisor (IFA) is registered with the Financial Conduct Authority (FCA)
- don’t act on the advice of others and make sure you do the research for yourself
TPR's current pensions scams guidance is attached to this page, which we encourage you to familiarise yourself with.
You can also find further information on the main TPR website for members as well as employers.
Video: TPR case study
TPR have released a short film about Pauline Padden. Pauline was one of 245 victims scammed out of a total of more than £13.5 million in pension savings. The victims were persuaded to transfer into fraudulent schemes.
In this video you can find out more about her story and learn about warning signs to check for.
Find out more about TPR case study
Video: Transferring your pension
This video explains transferring an LGPS pension to a defined contribution scheme, when to seek financial advice, the possible risks and pension scams. For subtitles select ‘CC’ (closed captions).
Links to useful documents