How to be scam smart

Your pension is one of your most valuable financial assets, built up over years of hard work to support your future. Unfortunately, this makes it a prime target for criminals.

Pension scams are on the rise, with fraudsters employing increasingly sophisticated methods to steal lifetime savings in moments. But by understanding the common tactics scammers use and knowing what to look out for, you can take steps to protect your retirement funds.

How to spot a pension scam

We would always recommend that you exercise extreme caution if someone asks you to move your money. However, there are some common signs of pension scams that you can look out for:

Unsolicited contact: Be cautious of unexpected phone calls, texts, emails, or doorstep visits offering pension advice or reviews. Cold calling about pensions has been banned since January 2019.

High-pressure tactics: Scammers often rush you to make quick decisions, transfer funds, or sign documents. Legitimate firms will never pressure you.

Too-good-to-be-true offers: Promises of high returns with low risk, early pension access before age 55, or unique “one-off investments” are red flags.

Untraceable contact details: Avoid firms with only mobile numbers, and unregistered trading names, and verify contact information through official channels.

Claims of tax loopholes or government initiatives: Be skeptical of promises to help you unlock tax savings or access more than the usual 25% tax-free when taking benefits.

Free pension reviews: Offers of “free reviews” are often scams designed to gain access to your pension details.

Don't let a scammer enjoy your retirement

How to protect yourself

Here are a handful of tips that can help you avoid falling victim to a scammer.

Verify the firm’s credentials: Check the FCA register↗ and HMRC status of any firm or adviser. Be wary of authorised schemes involving unregulated, high-risk investments.

Get independent advice: Consult FCA-regulated financial advisers and shop around for multiple opinions before making any decisions.

Trust your instincts: If something feels wrong or sounds too good to be true, stop and seek advice. Never give out personal information or sign documents without consulting a trusted professional.

What to do if you think you've been scammed?

Unfortunately, anyone can fall victim to scammers, and there's support available if you think you've been scammed. Here's what you can do:

①

Contact your pension provider straight away. They might be able to stop a transfer that hasn’t taken place yet.

②

Report it on the FCA Scam Smart website↗ and to Action Fraud on 0300 123 2040 or on the Action Fraud website↗.

③

Call MoneyHelper on 0800 015 4402 to talk to a pensions specialist about further guidance and support

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SOME IMPORTANT THINGS YOU SHOULD KNOW

Pensions are long terms investments. It’s important that you know the value of your investment could go up as well as down. You could get back less than you put in. Past performance is not necessarily a guide to the future and pension investing is not intended to be a short-term option. Penny does not provide financial advice so please be sure that this investment is right for you.

Your current pension might have special benefits that will be lost if you transfer to Penny. These special benefits include: Guaranteed Annuity Rate (GAR), Guaranteed Bonus Rate (GBR), Guaranteed Minimum Pension (GMP) and Protected Tax Free Cash (PFTC) over 25%. If this is the case, we will not transfer your pension, as you may be better off not transferring in these cases.

Your current provider might charge you a transfer-fee to transfer your pension to Penny. If this is the case, we will not transfer your pension, as you may be better off not transferring in these cases.

You should consider the charges and benefits before transferring your old pensions to your new plan, and consider whether the risk and reward profile of the investments offered matches your needs. It may be that your current provider has lower fees than Penny - where this is the case, we recommend that you carefully consider whether to transfer your pension to Penny, as you may be better off not transferring in these cases.

If you are in any doubt about proceeding you should contact a financial adviser.

SOCIAL

instagram

SOME IMPORTANT THINGS YOU SHOULD KNOW

Pensions are long terms investments. It’s important that you know the value of your investment could go up as well as down. You could get back less than you put in. Past performance is not necessarily a guide to the future and pension investing is not intended to be a short-term option. Penny does not provide financial advice so please be sure that this investment is right for you.

Your current pension might have special benefits that will be lost if you transfer to Penny. These special benefits include: Guaranteed Annuity Rate (GAR), Guaranteed Bonus Rate (GBR), Guaranteed Minimum Pension (GMP) and Protected Tax Free Cash (PFTC) over 25%. If this is the case, we will not transfer your pension, as you may be better off not transferring in these cases.

Your current provider might charge you a transfer-fee to transfer your pension to Penny. If this is the case, we will not transfer your pension, as you may be better off not transferring in these cases.

You should consider the charges and benefits before transferring your old pensions to your new plan, and consider whether the risk and reward profile of the investments offered matches your needs. It may be that your current provider has lower fees than Penny - where this is the case, we recommend that you carefully consider whether to transfer your pension to Penny, as you may be better off not transferring in these cases.

If you are in any doubt about proceeding you should contact a financial adviser.

SOCIAL

instagram

SOME IMPORTANT THINGS YOU SHOULD KNOW

Pensions are long terms investments. It’s important that you know the value of your investment could go up as well as down. You could get back less than you put in. Past performance is not necessarily a guide to the future and pension investing is not intended to be a short-term option. Penny does not provide financial advice so please be sure that this investment is right for you.

Your current pension might have special benefits that will be lost if you transfer to Penny. These special benefits include: Guaranteed Annuity Rate (GAR), Guaranteed Bonus Rate (GBR), Guaranteed Minimum Pension (GMP) and Protected Tax Free Cash (PFTC) over 25%. If this is the case, we will not transfer your pension, as you may be better off not transferring in these cases.

Your current provider might charge you a transfer-fee to transfer your pension to Penny. If this is the case, we will not transfer your pension, as you may be better off not transferring in these cases.

You should consider the charges and benefits before transferring your old pensions to your new plan, and consider whether the risk and reward profile of the investments offered matches your needs. It may be that your current provider has lower fees than Penny - where this is the case, we recommend that you carefully consider whether to transfer your pension to Penny, as you may be better off not transferring in these cases.

If you are in any doubt about proceeding you should contact a financial adviser.

How to be scam smart

How to spot a pension scam

Don't let a scammer enjoy your retirement

How to protect yourself

What to do if you think you've been scammed?

PENSION

COMPANY

RESOURCES

SOCIAL

SOME IMPORTANT THINGS YOU SHOULD KNOW

© Copyright 2024 Penny Technology Limited. Company registration: 11999643. FCA Reference Number: 931299.

PENSION

COMPANY

RESOURCES

SOCIAL

SOME IMPORTANT THINGS YOU SHOULD KNOW

© Copyright 2024 Penny Technology Limited. Company registration: 11999643. FCA Reference Number: 931299.

PENSION

COMPANY

RESOURCES

SOCIAL

SOME IMPORTANT THINGS YOU SHOULD KNOW

© Copyright 2024 Penny Technology Limited. Company registration: 11999643. FCA Reference Number: 931299.