Covid-19: Pension scams

Publication date: 15/04/2020 10:52:51

With the recent Coronavirus outbreak, pensions scams have been on the increase. Scammers are taking advantage of the uncertainty caused by the virus and are using this as an opportunity to target the vulnerable.

A pension scam is when someone tries to con you out of your pension money. Scammers will contact you out of the blue by phone, text or by visiting you in person, and may try to tempt you with the following:

  • an investment or business opportunity with high returns
  • taking your pension before you turn 55
  • Investing in digital money (scammers may refer to this as ‘crypto assets’) such as bitcoins
  • transferring your money

Scammers will try to rush you into making a decision about your pension and will use phrases like ‘pension liberation’, ‘loan’, ‘loophole’, ‘free pension review’ or ‘one-off investment’ to persuade you.

Cold calls like this are illegal. You should end the call immediately and call Action Fraud on 0300 123 2040 to tell them about the company. Or, use the Financial Services Register and Warning List to check who you’re dealing with if you suspect a scam.

Please be aware of adverts and offers on social media channels and sponsored adverts online as well. Don’t click any links or open emails from senders you don’t know. Never give out personal information (bank details, address, existing insurance/pensions/investment details).

Take a look at the Pension Advisory Service, FCA- Scam smart, and the Pension wise websites under Related Links for more useful information.