It’s good to remember that pension scams can come in lots of forms and usually they’ll appear to be a legitimate investment opportunity. Scammers target anyone and usually do it 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.
Common tell-tale signs of a pension scam often include:
It’s also important to beware of copycat websites – some websites can look like legitimate government service websites but aren’t. You can normally tell if a site is official if it ends in “.gov.uk” and it has the department, agency or authentic logo.
To avoid being caught out by a pension scam:
The Financial Conduct Authority (FCA) and The Pensions Regulator (TPR) have launched a campaign warning people about pension scams called ScamSmart. As well as their TV adverts they have produced a poster and leaflet which you can use to help your employees stay alert to pension scams.
You could let you employees know about the Warning List Widget created by the FCA. The tool lets your employees check an investment or pension opportunity and avoid scams.
Your employees can use the Financial Services Register that shows details of firms, individuals and other organisations that are, or have been, regulated by the Prudential Regulation Authority and/or the FCA.
If you think you’ve been the victim of a pension scam, you should report it as soon as possible.