Pension Scams

Pension scams are on the rise so if you're thinking of investing your pension benefits, or transferring them to another pension provider, make sure you protect yourself from scammers.

The risks of transferring your benefits to an illegal company may be very damaging to your future financial security. If you do fall victim of a scam, it is unlikely your money will be recoverable. You may also face a tax bill from HM Revenue and Customs (HMRC).

The Pensions Regulator has released a four step guide to help you protect yourself from pension scams.

You can also get further information and advice from MoneyHelper and the Financial Conduct Authority (FCA).

If you're thinking about transferring your benefits out of the LGPS and seeking financial advice, we recommend you visit the Financial Conduct Authority's website. They've created a video explaining defined benefit pension scheme transfers, and the service you should expect from your financial adviser. 

If you're worried that you may have fallen victim to a scam, contact Action Fraud.