Warn members about pension scams
It is vital that you regularly remind all scheme members about the risk of pension scams.
We conducted research with the Financial Conduct Authority (FCA) as part of the ongoing ScamSmart campaign. This found that half of pension savers don’t believe they are at risk of being targeted by a pension scammer. But pension scams can happen to anyone and no pot is too small for a scammer.
You can help raise awareness about the risk of pension scams in several ways.
Annual benefit statements
You should send all members the pension scams leaflet (PDF, 257kb, 2 pages) with their annual pension statement. This can be a weblink rather than a hard copy.
You should also include details of the FCA website and the Stop! Think Fraud website.
Transfer requests
You must carry out certain checks and processes when dealing with pension transfer requests.
You should also:
- send the pension scams leaflet (PDF, 257kb, 2 pages) to any member who requests a pension transfer: this can be a weblink rather than a hard copy
- make members aware of the government tools and knowledge on the Stop! Think Fraud website, including how to spot fraud
- highlight the risks of transferring and provide details of the FCA website in any correspondence with a member
- provide members of defined benefit schemes with a link to FCA information on considering a pension transfer from a defined benefit pension
- issue all defined benefit members requesting a transfer with the letter template (PDF, 2 pages, 114kb) jointly signed by The Pensions Regulator (TPR), the FCA and the Money and Pensions Service
Website messaging
Add scams messaging to your website. Many people will search for information online, so make sure you include scams warnings where you know scheme members or clients will look.
Awareness campaigns
TPR, FCA and the government regularly run campaigns to help raise awareness of the risk of scams. You can support our campaigns, whether that’s through social media, emailing your members or clients, or adding fresh updated content to your website or intranet.
You can find the latest assets on the resources sections of the FCA website and explore government tools and knowledge on the Stop! Think Fraud website. We also ran a campaign featuring the real-life story of Pauline Padden, a victim of a pension scam. In four videos, Pauline shares her experience and warns others about the dangers, helping to raise awareness and prevent similar cases.