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Pension fraud
All that glitters isn’t gold. Discover how to dig deeper and protect your pension with our tips.
What is pension fraud?
Pension frauds, or pension scams, essentially target pension scheme members to part with their hard-earned money. Fraudsters might ask their victims to transfer their pension pot into either non-existent or non-genuine schemes set-up to defraud people of their investments. Or, they might offer them cash incentives to gain early access to their pension benefits - referring to them as a pension loan. But these so-called opportunities often turn out to be a scam and leave the pension holder with significant losses and serious tax implications.
Spotting and avoiding pension fraud
If you're looking to make any changes to your pension arrangements, be cautious and do it the safe way. In other words, do your own research first, and seek advice from an impartial source, such as a financial adviser or accountant. It’s wise to wait until you’re armed with all the right information for your specific needs, before making any changes.
Take your time. Thoroughly check out the firm or person that you are dealing with to ensure that they are reputable and ensure that any provider or scheme you are considering is genuine.
Other threats to watch out for
Suspicious emails, texts and phone calls
Learn how to spot a fraudulent email, text or phone call, so you’re not reeled in.
Investment scams
Be wise. Don’t fall prey to too-good-to-be-true, high-pressure, deadline-driven offers.
Financial abuse
Find out more about criminal influence, to ensure you’re in control of your financial purse strings.
Identity theft
Look beyond the disguise. Impersonation can be the first step to someone stealing your assets.