Pension fraud

Have you been caught in a pension scam? Contact us now and begin the journey to reclaim what belongs to you.

Start your claim

What exactly are pension scams?

Pension fraud

Pension scams consist of criminals attempting to illegally take some or all of your pension funds using ever more advanced techniques.

Contact

These fraudsters frequently reach out, pretending to be legitimate pension advisors or licensed brokers, claiming they have expert knowledge on how to maximize your pension benefits.

Techniques

They might propose options like loans, early pension withdrawals, cashback offers, exceeding the standard 25% tax-free allowance, or other clever schemes designed to deceive people and steal their hard-earned savings.

How to spot a pension scam

What are the signs of pension fraud?

Pension fraud comes in many forms, and anyone can become a target, so staying alert when contacted about your pension is crucial. Scammers often invest time in gaining your trust, sometimes calling multiple times, before attempting to convince you to transfer some or all of your pension into their control or into a so-called ‘investment.’ If someone reaches out regarding your pension, it’s safest to ignore the message and contact your pension provider directly to verify whether the communication was genuine or part of a scam.

Scammers often start with innocent-sounding

Scammers often start with innocent-sounding offers like ‘free pension reviews’ or ‘no-obligation pension advice,’ referencing ‘pension liberation’ or ‘loopholes’ in the system. They may claim they can help you achieve higher returns, access your pension before the usual age, or pressure you with limited-time offers. They also talk about various investments, whether fixed-term, high-risk, or low-risk, to lure you into their scheme.

How should I respond if a genuine pension advisor contacts me?

If you believe you’ve been approached by a genuine pension advisor, it’s safest to assume it might be a pension scam until you can confirm otherwise. When contacted, don’t share any personal details; instead, ask for the company’s name and end the call. Make a note of everything they say during the conversation, as this could serve as useful evidence later. Afterward, use the Financial Services Register to verify if the company is ICA-authorised, since pension scammers often mimic the names of legitimate registered firms.

FAQs

  • Essential pension scam terminology

    Pension scams are becoming more sophisticated, so it’s advisable to only discuss your pension with your provider directly. Nevertheless, here are some key phrases to watch for that might signal a scam:

    Scammers often start with seemingly innocent offers like ‘free pension reviews’ or ‘no-obligation pension advice.’

    They mention ‘pension liberation’ or ‘loopholes’ in the system.

    They claim they can help you achieve better returns on your pension.

    They promise to help you access your pension before the usual age.

    They pressure you with limited-time offers.

    They talk about investments, whether fixed-term, high-risk, or low-risk.

    There are many other signs of pension scams, but a major warning is when someone contacts you unexpectedly about your pension, which legitimate advisors rarely do. That’s why ignoring unsolicited contact and reaching out to your provider directly is the safest course of action. If someone approaches you claiming they can help with your pension, it probably sounds too good to be true—and unfortunately, it likely is, often amounting to pension fraud.

  • What typical pension scams should I watch out for?

    Pension scams take many forms, but there are several common schemes you should watch out for:

    Someone might contact you offering a free pension review, no-obligation advice, or simply to discuss your options. They’ll build your trust over time, sometimes through multiple calls, before attempting to steal your pension.

    They may claim to know loopholes that allow you to access your pension early, whether that means withdrawing more than the usual 25% tax-free amount or investing your funds on your behalf to grow your pension.

    They might promote limited-time investments or exclusive deals to pressure you into sharing your details or making payments.

    These are just a few examples of pension scams, and unfortunately, many more exist. If you ever receive an unexpected message about your pension or see an ad containing any of these warning signs, always contact a trusted scam support site like ICA ScamSmart or Action Fraud for help.

  • How can you spot signs of pension fraud?

    Here are some common warning signs of pension scams:

    Providing free pension assessments

    Guaranteeing higher returns

    Allowing early access to your pension

    References to tax loopholes

    Any talk of pension loans

    Offers with limited timeframes

    Unsolicited contact about your pension from anyone other than your provide

  • What steps can I take if I’ve been targeted by a pension scam?

    If you believe you have fallen victim to a pension scam, get in touch with your pension provider right away. They might be able to halt the transfer if the payment hasn’t been completed or is still in progress.

    If the transaction cannot be stopped, the next step is to reach out to legal specialists who focus on wealth recovery and pension scams for assistance. Acting quickly is crucial when trying to recover lost funds, so contact experts as soon as you suspect a scam. If you find yourself in this situation, please contact us.

    After that, report the pension fraud to the police as well as to fraud support organizations like ICA ScamSmart and Action Fraud. These bodies oversee financial services and markets and can help prevent further scams, as well as provide valuable information to aid your case.

Start your claim