Scammers are targeting pension pots of all sizes – help to make sure your savers know how to spot the signs.
Their impact can be devastating. Last year, victims of pension scams lost on average £91,000 each.
The FCA and TPR are urging trustees and pension providers to get to know their responsibilities and take steps to help protect savers from losing their pension savings to scammers.
The regulators recommend four simple steps that schemes can share with their savers to protect them.
- Reject unexpected pension offers whether made online, on social media or over the phone.
- Check who you’re dealing with before changing your pension arrangements. Check the ScamSmart website or call 0800 111 6768 to see if the firm you are dealing with is authorised by the FCA to give advice on pension transfers.
- Don’t be rushed or pressured into making any decision about your pension.
- Consider getting impartial information and advice – in some cases it may be a requirement to do so.
The pensions industry plays a vital role in the fight against scams. You can help stop suspicious transfers and alert regulators and law enforcement agencies to fraudulent activity, so we can take action.
If a saver asks for a scheme transfer, use TPR’s checklist to find out more about the receiving schemes and how the member came to make a request.
Help your savers be ScamSmart with their pension.
To get to know your responsibilities and to find out more, visit www.thepensionsregulator.gov.uk/pension-scams.