

Latest advice and support straight to your inbox SIGN UP
6 August 2019
Help for pension savers to avoid falling victim to a pension scam
Anyone can be the victim of a pension scam, no matter how savvy they think they are. Don’t let scammers enjoy a pension saver’s retirement at you or your employees’ expense. Find out how pension scams work, the warning signs and the steps you can take to help pension savers avoid being scammed.
How pension scams work
Scammers try to persuade pension savers to transfer their entire pension savings, or to release funds from it, by making attractive-sounding promises they have no intention of keeping.
The pension money is often invested in unusual, high risk investments like:
Or it can be simply stolen outright.
Warning signs of a pension scam
Scammers often cold call people via phone, email or text – this is illegal, and a likely sign of a scam. They often advertise online and can have websites that look official or government-backed.
Other common signs of pension scams include:
How can employers raise awareness of pension scams?
Your staff look to you for support so your help can keep them away from pension scams. Scams victims lose £91,000 on average from their pension, often their life savings. Help your staff be ScamSmart and keep their retirement savings safe by:
Four steps for savers to prevent pension scams