While the Trustees have an important role in looking after the Plan, it's up to you to take care of your savings. Watch out for scams, keep your data confidential and make sure you know what charges you pay.
Andrew's story:
I'm Andy. I'm 56 years old and I live with my wife. I worked just shy of 40 years for a good retirement but still needed more to achieve my retirement goal. When I got called out of the blue by this gentleman, from a company of financial advisers, it was like music to my ears. He offered me a pension review, knew my name, offered me great deals and sounded so professional. He promised me great returns if I pulled my pension out.
Luckily, I discussed this with my wife before going ahead, and she asked me to call the Financial Conduct Authority (FCA) helpline to see if the company I was dealing with is authorised by the FCA. Turns out, I was speaking to a scammer! If I hadn't spoken to my wife, 40 years of my pension savings would have vanished, just like that.
The warning signs
Scammers are getting smarter and more intricate with their techniques. The nature of scams means they can catch you unaware and often sound very convincing. Unsolicited calls about your pension are illegal and if you are ever cold-called regarding your pension, you are probably being scammed.
Take a look at the warning signs to stay aware:
Cold-calling
Free pension reviews or offers that are too good to be true
Advice to withdraw your pension before the Minimum Pension Age (55 years)
Pressure to make a decision on one-off investment opportunities
Protect yourself
Go to
MoneyHelper to find out what more you can do to protect your savings. The Financial Conduct Authority's ScamSmart at
fca.org.uk/scamsmart is also a handy tool for you to check if a pension opportunity is a scam. Call the FCA helpline on
0800 111 6768 to see if the provider you're dealing with is authorised by the FCA.
Remember: even if you are scammed, whatever tax charges you incur as a result of withdrawing or transferring your pension cannot be returned. Make sure you stay alert to avoid losing what is most valuable to you.