Don't be a Victim of Pension Fraud

The Financial Conduct Authority (FCA) and The Pensions Regulator (TPR) are urging the public to be vigilant when receiving unsolicited offers about their pensions and to check who they are dealing with.

The FCA and TPR have launched a joint TV advertising campaign to raise awareness of pension scams and the most common tactics used by fraudsters.

This comes after figures show that a total of 253 victims reported to Action Fraud that they had lost more than £23 million to pension scammers in 2017, which equates to an average loss of £91,000 per victim.

The FCA and TPR are calling the public's attention to the tactics used by pensions scammers. One of the most common tactics is to offer a 'free pension review'.

Cold calling is currently by far the most common method used to initiate pension fraud. Other scam tactics include:

• Unexpected contact about your pension via phone, post or email.
• Promises of guaranteed high returns and downplaying the risks.
• Offering unusual or overseas investments that aren't regulated by the FCA e.g. overseas hotels, forestry, green energy schemes.
• Putting people under pressure to make a quick decision, for example with time-limited offers, and sending a courier round with paperwork to sign.
• Claiming to be able to unlock money from an individual's pension (which is normally only possible from age 55).

The FCA and TPR are urging the public to be ScamSmart with their pension and always check who they're dealing with. CLICK HERE for further advice and to watch the TV advert.