The Financial Conduct Authority (FCA) and The Pensions Regulator (TPR) are joining forces again this summer to warn the public about fraudsters targeting people’s retirement savings. This warning comes as new research suggests that 42% of pension savers, which would equate over 5 million people across the UK, could be at risk by pension scammers.
Research found that those who consider themselves smart or financially savvy are just as likely to be persuaded as anyone else.
Four simple steps to protect yourself from pension scams:
- Reject unexpected pension offers whether made online, on social media or over the phone
- Check who you’re dealing with before changing your pension arrangements – check the FCA Register or call the FCA contact centre on 0800 111 6768 to see if the firm you are dealing with is authorised by the FCA
- Don’t be rushed or pressured into making any decision about your pension
- Consider getting impartial information and advice
Pension savers can test how ScamSmart they are by taking a new quiz on the ScamSmart site. Visit www.fca.org.uk/scamsmart to find out more.