Your pension is one of the biggest investments you will make in your life. Stay scam smart to protect it.
What is the biggest investment you’ve ever made?
While you might have spent more on a house, your pension may represent the biggest portion of your financial security by the time you retire.
Scammers are becoming increasingly sophisticated. They can trick even the most financially savvy people into a false sense of security.
Warning signs
- Getting personal: legitimate organisations won’t request this from you, so be careful what you reveal about yourself, however innocent it may seem.
- Early access: accessing your pension before the age of 55 can lead to tax penalties and the loss of savings.
- High-return, complex investments: no legitimate organisation will guarantee investment returns, and scammers rely on making their offers difficult to understand or lacking in transparency.
- Out of the blue: don’t engage with unexpected calls, emails, or messages about your pension.
- Under pressure: making decisions about your pension shouldn’t be done on impulse. If you’re being asked to make quick decisions or take advantage of a limited time offer, there could be a more sinister reason.
- Upfront fees: if you’re asked to pay a fee upfront to be able to access an investment opportunity or to release funds, you should be wary.
- Free pensions review: free pension reviews are often designed to persuade you to move money into a high-risk, high-fees scheme, so if you’re contacted and offered a free review, take care in case it is a scam.
Stay protected
If you receive unexpected offers regarding your pension, hang up the phone, delete the email and do not click on any links, or ignore the message. Never disclose any personal or financial information to someone you don’t know.
If you do get contacted, make sure you:
- Spot the difference: scammers create fake companies or financial firms to appear legitimate. Make sure you check URLs, email addresses and phone numbers, and compare them against official websites.
- Do your research: always check that the firm or adviser is registered with the Financial Conduct Authority (FCA) by using the FCA online register or calling their helpline. You can also use the FCA ScamSmart tool.
- Take your time: legitimate firms will not rush you or push you into making immediate decisions, so don’t be pressurised.
If you think you’ve been scammed
Contact the Pensions Dept at ukpensions@abbott.com, Aptia at pensionuk.aptia-group.com or call Aptia on 03442 096581, immediately, and report the scam to the FCA.