The evolving world of pension scams
Millions of people fall victim to scams every year. The tactics used by pension scammers to encourage people to transfer their pension savings to them are constantly changing.
Some of the tactics used by pension scammers include offering free pension reviews, health checks and promises of better returns on their savings, pension loans, upfront cash or other promotions to tempt them. Most of these are bogus.
Some scammers are also directing people to transfer their pension savings into small (often one or two member) occupational schemes in an attempt to escape scrutiny from regulators.
Trustees and business advisers play a crucial role in helping to stop scams because they can arm members with the information they need to protect themselves (and their pension savings) from the scammers. If people know how to recognise a scam and what do to if they suspect a scam, they can prevent an entire lifetime of savings being lost.
On these pages we have a range of materials available and we will continue to update our content to help highlight the warning signs to help pension savings become scamproof: