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Protect Your Pension: AI, Scams and Staying Safe

Artificial Intelligence (AI) has rapidly become part of everyday life. As a pension scheme member, this provides a great opportunity to better understand your pension but also brings a number of real risks, including more sophisticated pension scams.

How AI can help you

  • Understanding pension jargon - AI tools can translate complex terms such as 'defined benefit', 'annuity' or 'lifetime allowance' into plain English.
  • Exploring retirement scenarios - AI-powered calculators can model different outcomes based on your retirement age, contributions or other variables.
  • Preparing questions for your adviser - You could use an AI tool to help formulate the right questions before speaking to a financial adviser or contacting your scheme.
  • Staying informed - AI can summarise pensions news, regulatory changes or government announcements, making it easier to stay up to date.
  • Accessibility support - AI tools can read content aloud, simplify language or translate it, making pension information more accessible.

But remember...

Not everything an AI tool tells you about your pension is correct. Public AI tools can't access your scheme's rules or your pension record, and, importantly, they don't know you. While their answers may sound convincing, they can never be wholly accurate and should never be considered as advice.

Please treat any pension-related information from a public AI tool as a starting point - not a definitive answer, and never share sensitive personal information. Always refer to your scheme guide (which you'll find in your pension record), or contact WTW if you want to check anything. Please do not use AI to seek financial advice.

Criminals use AI to make it harder for you to spot their pension scams. They use sophisticated techniques including:

  • Realistic fake communications - AI produces highly professional emails, letters and websites that closely mimic official scheme communications, including accurate branding and language.
  • Deepfake audio and video - AI can create convincing fakes of real people, including voices cloned from social media recordings, to pressure you into action.
  • Highly personalised approaches - AI analyses publicly available information to craft targeted messages that reference details specific to you.
  • Chatbot impersonation - AI-powered chatbots can hold convincing, consistent conversations that feel reassuring and legitimate.
  • Large-scale fraud - AI allows criminals to send enormous volumes of personalised scam messages at low cost, reaching more people than ever before.

Tips to spot an AI scam

  1. Are you for real? If you're on a video call, ask them to put their hand in front of their face. If they can't, they're AI. If they can, still be careful as technology is changing fast. Always be aware and always end a call if you're unsure. If you call back, do it on a different device and verify the number independently.
  2. Say it safe. Agree a safe word with your family. If someone calls or texts claiming they are a member of your family, you can check who they say they are.
  3. Hang up and call back. - WTW will only call you with regards to an ongoing query you, or they, have been in touch about before. If you’re not expecting a call from WTW and someone calls claiming to be from them or the bank, hang up and call them back on a different device. Only use the number on the member portal. WTW will never call you from a mobile and will never, ever ask for your bank details or password. Their contact details can be found here.

What to do if you think you've been scammed

If you believe you've been targeted or fallen victim to a scam, act quickly.

Stop all contact with the suspected scammer and don't make any further payments. Contact us straight away so we can help protect your pension and review any transactions, even if the scam wasn't related to your pension. You should also report the scam to Report Fraud (if you're based in the UK) or your local Garda station (if you're based in Ireland) and your bank if money has been moved. Keep a record of any communications, including emails, letters, and phone numbers. The sooner you tell us, the more we can do to help safeguard your savings.

Trusted sources

When it comes to your pension, always go to the source. The following organisations provide reliable, regulated information:

If you’re a member of one of the Offshore schemes

If you’re a member of one of the Irish schemes

Protect Your Pension: Would you know what to do?

The table below summarises the common types of scams, warning signs and how to protect yourself. Remember, if something does not feel right, trust your instincts and stop the conversation. You can also visit the dedicated Protect Your RBS Pension site for more information.

It's a scam!

  • Unsolicited contact - Unexpected calls, texts, emails or social media approaches offering a 'pension review', early access, or a too-good-to-be-true investment opportunity. Legitimate schemes and regulated advisers do not contact you out of the blue in this way.
  • Early pension release - Being told you can access your pension before age 55 (rising to 57 from 2028). This is rarely legal and can result in a tax charge of up to 55%, as well as losing your money to the scammer.
  • Unregulated investments - Offers to invest in overseas property, storage units, green energy or cryptocurrency. These are frequently unregulated, illiquid or entirely fabricated.
  • Pension review scams - A caller poses as a financial adviser and offers a free pension review, then uses the information you provide to redirect your savings or sell you inappropriate products.
  • Clone firm fraud - Fake companies that copy the name, branding and registration details of legitimate firms, sometimes producing convincing documents that falsely appear to have come from the schemes or WTW.

Warning signs

How to protect yourself

If any of the following apply to an approach you have received, treat it as a significant warning sign.

  • You are pressured to act quickly or told the offer is only available for a limited time.
  • You are promised guaranteed high returns or unusually favourable terms.
  • You are asked to keep the arrangement confidential.
  • Someone offers to handle your paperwork or act on your behalf without you instructing them directly.
  • The company or adviser is unfamiliar and you cannot verify their details through official channels.
  • Always verify before you act - Contact organisations directly using details you have sourced independently, not those provided by the person making the approach.
  • Take your time - Legitimate advisers and schemes will never pressure you to decide immediately. If someone is urging you to act quickly, take time to reflect and speak to someone you trust.
  • Educate yourself - The Protect your RBS pension website provides essential information to help you keep your personal details and pension benefits safe.

Trusted sources

When it comes to your pension, always go to the source. The following organisations provide reliable, regulated information:

If you’re a member of one of the Offshore schemes

If you’re a member of one of the Irish schemes