Scammers are targetting pensions of all sizes and the impact can be devastasting. The latest research shows that typical victims risk losing 22 years’ worth of savings and an average of £82,000. Make sure you know how to protect your pension with these simple tips:
Ignore unexpected offers to review your pension
Pension cold calling has been made illegal. You should ignore any out of the blue offers to review your pension, whether it’s by email, on the phone or through social media. It’s more likely than not to be a scam.
Do a background check
Use ScamSmart and the FCA’s register to make sure the company or person(s) offering you advice on your pensions is authorised by the FCA.
If you find that they are authorised, you can also check their permissions for providing pensions advice by calling the FCA Consumer Helpline on 0800 111 6768.
You should be aware that if you use an unauthorised firm, you won’t have access to the Financial Ombudsman Service or Financial Services Compensation Scheme. So it would be unlikely you’d get your money back if things go wrong.
Take your time
Don’t be rushed into a decision and make sure you take your time going through the advice which has been provided.
Get a second opinion
You can go to government organisations such as The Pensions Advisory Service, which provides free independent and impartial information and guidance.
You can also find an approved Independent Financial Adviser (IFA) through the Money Advice Service.
For more information about how to protect your pension visit the pension scams page.