From The Financial Conduct Authority.
Don’t let a scammer enjoy your retirement – find out how pension scams work, how to avoid them and what to do if you suspect a scam.
Pension scams can be hard to spot. Scammers can be articulate and financially knowledgeable, with credible-looking websites, testimonials and materials that are hard to distinguish from the real thing.
How pension scams work
Scammers usually contact people out of the blue via phone, email or text, or even advertise online. Or they may be introduced to you by a friend or family member who is also unknowingly being scammed.
Scammers will make false claims to gain your trust. For example:
- claiming they are authorised by the FCA or that they don’t have to be FCA authorised because they aren’t providing the advice themselves
- claiming to be acting on the behalf of the FCA or the government service Pension Wise(link is external)
Scammers design attractive offers to persuade you to transfer your pension pot to them (or to release funds from it). It is then often invested in unusual and high-risk investments like overseas property, renewable energy bonds, forestry, storage units, or simply stolen outright.
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