Skip to main content
All CollectionsFraud and Staying SafePension scams
How to spot the signs of a pension scam 👁
How to spot the signs of a pension scam 👁
Updated over a week ago

Be aware of cold calling about pensions. This is illegal and a likely sign of a scam.

Scams are becoming increasingly sophisticated and some scammers have moved to contacting individuals online, making contact through social media or using friends and family to reach out to a number of people. Other scammers rely on the tactic of offering a “free pensions review”.

It is vital you know the scam tactics and signs of a scam.

Common signs of pension scams:

  • Beware of contact that comes “out of the blue”

  • Contact offering “free pension reviews”

  • Time pressure - fraudsters will use high pressure selling tactics and try to push you to make a quick decision

  • Offering a guaranteed better return on your pension savings

  • Unusual high-risk investments. These tend to be overseas, unregulated, with no consumer protections

  • Investment structures that are complicated and you do not understand where your money is going or where it will end up

  • A company does not let you call them back

  • Multiple people involved with the contact (some may be overseas). The more people involved, the more likely it’s not legitimate.

  • Any of the following phrases would be a red flag - ‘one-off investments’, ‘time-limited offers’, ‘upfront cash incentives’, ‘free pension reviews’, ‘legal loopholes’ or ‘government initiatives’.

  • If someone offers to assist you or a relative with unlocking or obtaining money from your pension before the age of 55. This is very likely to be a scam. Only in very rare cases, such as very poor health, is this possible.

Did this answer your question?