If you’re considering pension consolidation, do watch out for pension scams.
Any firm you deal with should be authorised and regulated by the Financial Conduct Authority (FCA). Check whether they are listed on the FCA Register or by calling the FCA helpline on 0800 111 6768.
Jonathan Watts-Lay, Director, WEALTH at work, comments; “It seems that scamming is rife, particularly with those aged 55 and over, as they have access to significant amounts of cash through their pension. Often the reason that people get scammed is because they are offered an amazing return, something that they believe they can’t get anywhere else. The crucial thing to remember is that scams don’t look like scams, and can be difficult to spot. Whatever investment you are planning to make, it is important to check out the company with the FCA first. If they haven’t heard of them you will have no place to go if they turn out to be fraudsters.”
Visit the FCA’s ScamSmart website to find out more about scams and learn about common pension scams in our article Don’t let scammers steal your retirement. If you suspect a scam having agreed to transfer your pension, contact your pension provider immediately and ask if they can stop the transfer.
If you think you’re too late and you’ve already been caught out by a pension scam, contact Action Fraud either online or by calling 0300 123 2040. Action Fraud is the UK’s national reporting centre for fraud where you should report if you have been scammed, defrauded or experienced cyber-crime.
You should also report what’s happened to the Financial Conduct Authority either online or by telephoning 0800 111 6768.