How to protect yourself against pension scams

Pension scams are a growing menace. They're getting more sophisticated and harder to spot. A new law has banned cold-calling about pensions, but it won't eliminate the dangers altogether. Here are some ways to help you protect yourself.

What to look out for

Be suspicious if someone you don't know contacts you about your pension. Look out for the following warning signs:

  • Offers of a ‘free pension review’
  • Help accessing your pension before you're 55
  • Claims you can get higher returns on your pension savings
  • Encouragement to invest quickly to avoid missing out on a discount or bonus.

What to avoid

Make sure you don't:

  • Believe anyone who says they don't have to be authorised by the Financial Conduct Authority (FCA)
  • Let someone you know talk you into accepting an offer (they may have been scammed too)
  • Take an offer from a cold caller or an email to transfer your pension into another scheme
  • Fall for perks, like the offer of a personal home visit or hand-delivered paperwork.

What to do if you think you’ve been targeted