REASSURA GUIDE TO
PROTECTING YOUR PENSION
Changes to the laws on our pensions have had an unfortunate side effect of opening a path for fraudsters to try to entice us into scams. Pension scammers seek to interest you into transferring your pension into bogus schemes and accounts with spurious high levels of return or early access to a lump sum. According to Action Fraud in 2017 there was an average loss of £91,000 per victim of Pension Fraud. Please read our guide to help keep your pension safe.
Pension Investments – Fraudsters will cold call you by phone, mail, email, text or social media and make promises to convert your pension into luxury goods, high returns or a large lump sum.
Pension Release – Scammers claim to be able to release your pension early. It is important to mention that accessing your pension before the age of 55 is rare. Anyone approaching you claiming that they can access your savings early should be avoided.
Pension Reviews – fraudsters will review your pension for free and use misleading information to dupe you into transferring funds into rogue pension schemes or overseas accounts or even just to steal your personal data.
How can you protect yourself from pension scams?
Stay safe – Reject unexpected contact about your pension that comes in the form of emails, text, post or phone calls.
Hide it – Never give out any financial information or personal details to someone you did not initiate contact with.
Check first! – Contact the Financial Conduct Authority (FCA) to see if the company is authorized.
Stop! – Don’t be pressured to make any changes to your pension without first doing your homework.
Who else can I talk to? who will offer advice and support regarding any pensions queries. The also offers information and support.
Talk to an expert – Consult a financial adviser for further information regarding your pension, use Society of Later Life Advisors to find an authorized local advisor.
Still unsure? – call Reassura 0800 888 6400 and one of our fraud advisors will support you to avoid becoming a victim of cryptocurrency fraud.
What to do if you suspect you have been a victim of Pension Fraud?
Contact to report the crime
Contact to report the crime and get a Crime Reference Number
If you have made any payment with your credit card contact your credit card provider’s fraud department
If you paid by debit card, contact your bank
Contact your bank immediately if you think you might have given your bank details to a bogus charity
If you’re worried about identity fraud contact CIFAS