4 simple steps to protect yourself from pension scams & Get Free Pensions Advice

1. Reject unexpected offers and report them if necessary

If you are contacted out of the blue about your pension investment, the chances are it is a scam. Be wary also of free pension review offers. If a company contacts you out of the blue with a free offer and you have not dealt with that company or person before it's most likely a scam.

Scammers can be well spoken and can't sound knowledgeable. They can have credible websites. They can have marketing materials and testimonials that can be very convincing. They construct attractive offers to persuade you to transfer a pension Or release funds from it. The proceeds can then be invested in high risk investments like overseas property, forestry, storage units, renewable energy, or can simply be stolen.

 Scam tactics can include: -

* contacting you out of the blue

* promises of high or guaranteed returns

* free pension reviews

* access to your pension before age 55

* pressure to act quickly

 If you think you're being scammed, report it: -

* report to the Financial Conduct Authority (FCA www.fca.org.uk)

* Report to action fraud www.actionfraud.police.uk

* if you're in the middle of a transfer contact your pension provider immediately and then get in touch with the Money and Pensions Service www.maps.org.uk/en

2. Check the financial services register (www.register.fca.org.uk) to ensure anyone offering you financial services or advice is FCA authorised.

 (Also... check the FCA scam smart page www.fca.org.uk/scamsmart.)

If you don't use an FCA authorised company you won't have access to the Financial Ombudsman Service or the financial services compensation scheme. This means you probably won't get your money back if things don't work out for you. Even if the firm is on the FCA register you should call the consumer helpline on O801116768 to check the firm is allowed to give you pension advice.

Be aware of fraudsters pretending to be from a firm authorised by the FCA, as it could be a ‘clone firm’. Always use contact details provided by the FCA register, not details given to you by the company.

Check companies on Companies House

You should be able to find the basic details of companies and directors including some financial data. You may also see posts they have made on popular finance forums using their full name as there posting name or in a displayed email. Again this is all positive evidence. They may have profiles on business networking sites or other business related social media networks .

https://www.gov.uk/government/organisations/companies-house

Other Types of Financial Scams

The more traditional scams includes boiler room scams and recovery room scams. These often start with a cold call which is a big tell-tale sign.

3. Don't be pressured or rushed into decisions.

Take your time to make all the checks you need-even if this means turning down a good deal. Be wary of promised returns that sound too good to be true and don't be rushed or pressured into making a decision.

4. Get free and impartial pensions advice from the UK government.

The UK governments money and pension service ( www.maps.org.uk/en/about-us/moneyhelper# ) provides free independent and impartial information and guidance on pensions to UK citizens.

Another UK government service called Pension Wise: - https://www.moneyhelper.org.uk/en/pensions-and-retirement/pension-wise

… offers free pre booked appointments to talk through your retirement options if you're over 50 and have a defined contribution (DC) pension.