Beware Pension Scammers

As part of the regulators’ joint ScamSmart campaign, to encourage people to protect their savings, research has revealed it could take a saver 22 years to build a pension pot of £82,000. This was the average amount victims lost to scams in 2018.

Nearly one in four people (24%) surveyed admitted to taking 24 hours or less to decide on a pension offer.

Even though 63% said they are confident in deciding about their pension, the same proportion would trust someone offering pensions advice out of the blue.

The Pensions Regulator (TPR) and the Financial Conduct Authority (FCA) also found that those with a university degree are 40% more likely to accept a free pension review from a company they have not dealt with before and 21% more likely to take up the offer of early access to their pension pot.

FCA Executive Director of Enforcement and Market Oversight, Mark Steward, said pension scammers destroy retirement dreams.

Reject unsolicited approaches offering ‘help’ with your pension and get advice from an FCA authorised firm before making big changes to your pension fund.

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