Protect Yourself Against Pension Scammers
Pension savers could be targeted by scammers that are after their pension pot, Powys County Council has warned.
The council’s Trading Standards Service is supporting a campaign that warns of the dangers of pension scams.
The Pensions Regulator’s (TPR) hard hitting scorpion campaign has been revamped to be clearer for savers, who are warned ‘Don’t be next, predators are after your pension’ as thousands of people continue to be scammed out of their retirement.
In a short film produced by TPR, the campaign literally comes to life as an emperor scorpion – the now familiar sign of the campaign – crawls over scam material, providing a stark warning to pension savers. The campaign uses true stories of those who have lost their life savings to expose the continuing threat of pension scams.
The service is urging the county’s pension savers to take steps to protect their retirement savings so they don’t become a victim to unscrupulous scammers.
Cllr John Powell, Cabinet Member for Trading Standards, said: “As pensions continue to remain firmly in the spotlight, campaigns like this one will continue to help raise consumer awareness and encourage savers to be vigilant of potential pension scams.
“It’s important that we highlight to consumers the best way to protect their pensions from these scammers, highlighting the warning signs and making people aware of where they can get help.”
If you are thinking about how to invest your retirement savings, follow these ten steps from the TPR to protect your pension:
1) Be wary of cold calls and unsolicited texts or emails – Scammers will often claim they’re from Pension Wise or other government-backed bodies. These organisations would never phone or text to offer a pension review
2) Check everything for yourself – People have fallen for scams because they’d been ‘recommended by a friend’. Do your homework, even if you consider yourself to be financially savvy – false confidence can lead to getting stung
3) Make sure your adviser is on the Financial Conduct Authority approved register – Pensions scammers may pose as financial advisers. Check to make sure yours is registered on the FCA website.
4) Check the Financial Conduct Authority’s (FCA) list of known scams – Visit the FCA’s scamsmart to see if the deal you’re being offered is a known scam.
5) Steer clear of overseas investment deals – Well-known scam types include unregulated investment in a hotel, vineyard or other overseas opportunities, and where your money is all in one place – and therefore more at risk.
6) Don’t fall for ‘guaranteed’ returns or professional looking websites or brochures – You can never guarantee returns on an investment, and anyone can create a smart website or brochure these days. Question everything, however credible it sounds or looks.
7) Don’t be rushed into a decision – Scammers will try to pressure you with ‘time limited offers’ or send a courier to your door to wait while you sign documents. Take your time to make all the checks you need – even if this means turning down an ‘amazing’ deal.
8) If you’re aged 50 or over and have a DC pension, talk to Pension Wise – Pension Wise is there to help you investigate your retirement options. Visit the Pension Wise website for more information (and to check what kind of pension you have).
9) Ask The Pensions Advisory Service for help if you have doubts – You can call them on 0300 123 1047 or visit the TPAS website for free pensions advice and information.
10) Contact your provider and call Action Fraud if you’ve already signed and think you’ve been scammed – If you’ve already signed something you’re now unsure about, call Action Fraud on 0300 123 2040 and contact your pension provider immediately. They may be able to stop a transfer that hasn’t taken place yet.
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