You may think you won’t fall victim for a scam, but fraudsters have become increasingly sophisticated in their approaches, by producing professional looking brochures and websites promoting attractive but bogus offers.
In some cases, these fraudsters will target pension members offering the chance to convert pensions savings to an immediate cash sum before the minimum pension age (currently age 55 but rising to 57 from 6 April 2028). Using a transfer of your benefits to try and take them below age normal minimum pension age is usually against the law so that sort of an offer should ring alarm bells with you.
Please read the following information carefully to ensure you don’t let a scammer steal your pension.
First things first, you should get to know how your pension works to be aware of how scammers can trick you into thinking differently.
You can find out more about your pension savings in the Plan on the How does my pension work and My retirement options 'sections' of this website.
Some of the key facts that apply to all of our pension savings include:
Watch this video from the Financial Conduct Authority (FCA) about Bob's own experiences with pensions scams.
For more information on preventing or reporting scams visit the FCA ScamSmart website.