Pension scams

Have you fallen victim to a pension scam? Get in touch and take the first step to recovering what’s rightfully yours.

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Pension scams

What are pension scams?

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    Pension theft

    Pension scams involve people trying to steal part of, or even all, of your pension, through increasingly sophisticated methods.

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    Contact

    These scammers will often contact you and claim to know about different ways to make the most of your pension, acting as legitimate pension advisors or regulated brokers.

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    Methods

    They may offer things such as loans, advances on your pension, cashback, more than the usual 25% tax free amount or other creative tactics to scam people out of their hard earned money.

How to identify a pension scam

What does pension fraud look like?

There are various different types of pension fraud that anyone can fall victim to, so being vigilant whenever you are contacted about your pension is vital. Once they have spent time building your trust, perhaps even calling back on another occasion, they will try and persuade you to transfer part or all of your pension to them or directly to an ‘investment’. If anyone contacts you about your pension, it’s best to ignore it and contact your provider yourself to find out if the contact was legitimate or whether it was a pension scam.

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Key pension scam terms

The scammer may lead with seemingly harmless advice, such as ‘free pension reviews’ or ‘no-obligation pension advice’, mentions of ‘pension liberation’ or ‘loopholes’ in the system, suggesting they can help you get better returns on your pension, helping you to access your pension before the standard age, putting you under pressure with time limited offers, mentions of investments, whether it’s fixed-term, high-risk or low-risk.

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What if a legitimate pension advisor contacts me?

If you think you have been contacted by a legitimate pension advisor, you should treat it as a pension scam until you have the evidence to prove otherwise. When you are contacted, do not give them any information and simply ask for the name of the company then finish the call. Take a note of anything that they tell you on the phone as this may be good evidence later down the line. Take the company name and then check the Financial Services Register, to check whether the company is FCA authorised, pension scammers may use a similar name to companies who are registered

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Grace Sloan, solicitor at WRS

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Over the past 3 years, we’ve recovered more than £40,000,000 for our clients. It’s thanks to our team of solicitors and recovery claim specialists who trace and recover the investments you’ve lost from scams. Plus, we offer a no-win, no-fee service. You won’t pay a thing unless we recover your money.

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Falling victim to fraud can be overwhelming and distressing. You deserve expert guidance and support every step of the way. That’s what we’re here for.  

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Frequently asked questions

  • Key pension scam terms

    Pension scams are becoming increasingly complex, which is why it’s best never to discuss your pension with anyone unless with your provider directly. However, here are a few terms you can look out for to identify whether contact being made with you is a scam:

    The scammer may lead with seemingly harmless advice, such as ‘free pension reviews’ or ‘no-obligation pension advice’
    Mentions of ‘pension liberation’ or ‘loopholes’ in the system
    Suggesting they can help you get better returns on your pension
    Helping you to access your pension before the standard age
    Putting you under pressure with time limited offers
    Mentions of investments, whether it’s fixed-term, high-risk or low-risk
    There are many more examples of what a pension scam looks like, but the main red flag is when someone contacts you about your pension out of the blue, which often isn’t done by legitimate advisors. This is why ignoring the contact and getting in touch with your provider directly is the safest option. When someone makes contact with you about your pension saying they will be able to help you, it will probably sound too good to be true, and unfortunately it’s likely that it will be and that it is actually pension fund fraud.

  • What are examples of pension scams?

    Pension scams come in all forms, however there are a few consistent scams that you should be particularly aware of:

    Someone making contact and claiming to provide a free pension review, no-obligation advice or simply just offering to talk through your options. They will build your trust over time, and potentially multiple calls, then will work to steal your pension.
    Claiming to know loopholes to help you gain liberation from your pension, whether that’s accessing more than the standard 25% tax free pension amount or investing on your behalf to transform your pension funds.
    Offering limited time investments or exclusive offers to encourage you to provide your details or make payments
    These are just a few examples of pension scams and unfortunately there are plenty more out there, so if you are ever contacted out of the blue about your pension, or see an advert mentioning any of the points of concern above, always reach out to a legitimate scam support website (FCA Scam Smart and Action Fraud) and they will be able to assist you.

  • What are the red flags to identify pension fraud?

    Some of the red flags of pension scams can include:

    Offering free pension reviews
    Promising to provide better returns
    Unlocking your pension early
    Tax loopholes
    Any mention of pension loans
    Time limited offers
    Random contact about your pension from anyone who isn’t your provider

  • What should I do if I’m a victim of a pension scam?

    If you think you’re a victim of a pension scam, contact your pension provider immediately. They may be able to pause the transfer if the payment hasn’t been taken, or it’s in the process of being taken.

    After contacting your pension provider, if the transaction couldn’t be stopped, you should contact legal experts specialising in wealth recovery and pension scams to help you. Time is of the essence when it comes to recovering lost funds, so as soon as you realise you may have been scammed, contact experts. If this is the situation you are in, contact us.

    The next step is to report the pension fund fraud to the police and also other fraud support companies, such as FCA Scam Smart and Action Fraud. They help to regulate different financial services and markets, so could help to prevent the pension scam from occurring again, as well as providing any information that could be useful.

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