Pension scams can come from anywhere and affect any one of us. But there are 3 key ways that you can protect yourself and one big thing you can do to help others. Start by watching this video.
£2 million lost to pensions fraud in first 5 months of 2021…
…but not all cases are reported, so the true cost could be much higher.
3 ways to protect yourself
1. Spot the signs
Have you been contacted out of the blue? Do you feel rushed into a decision? If so, watch out! These are just two of the more common signs of a scam. Pension cold calling is now illegal and you should always feel able to take your time to consider any important financial decision. Visit the Financial Conduct Authority’s (FCA’s) ScamSmart website for more about how scams work and what to look out for.
2. Know who you’re dealing with
Check the ScamSmart warning list for firms known to the FCA as suspected scammers.
3. Get advice from a trusted adviser
Visit MoneyHelper for help finding an FCA-registered adviser. Before speaking with anyone, check they’re on the FCA’s register and call the FCA Consumer Helpline (0800 111 6768) to make sure they’re authorised to give pension-specific advice.
One big thing you can do to help
Report it!
If you think you’ve been scammed, contacted by a scammer, or even if you think something just doesn’t seem right – say something. Your experience could help the authorities catch scammers and help others avoid losing their retirement savings.
Contact Action Fraud on 0300 123 2040 or at www.actionfraud.police.uk. You could also tell the FCA using their simple online reporting form or by calling 0800 111 6768.
We’re committed to helping members and stopping scams
Not every scam will be preventable, but we are doing everything we can. In particular we’ve committed to following the practices outlined in the Pensions Regulator’s pledge. This means we’ll use every chance we get to remind you to watch out for scams and how to protect yourself.
We’re also doing extra checks on transfer requests, in line with new government requirements that were introduced in November 2021. The aim is to further protect your benefits from scammers by looking closely at where you’re transferring to and checking your request meets certain conditions. To help decide if a transfer can go ahead, we may also ask you to take guidance from MoneyHelper and provide additional information.
Barclays has got your back too
Scammers are constantly looking for ways to trick you out of your money – not just your pension. We’re proud of the steps Barclays is taking to protect and support its customers. We recommend visiting Barclays’ Fraud and scams pages. While it is written for Barclays’ customers, there’s lots of useful information for all of us, including common tricks to watch out for, and practical tips for protecting your money and staying safe online.