Pension scams are on the increase in the UK.  Every day fraudsters are using sophisticated ways to part savers from their money and a lifetime’s savings can be lost in moments.

Watch out for scams related to coronavirus (Covid-19).  These scams take many forms and could be about insurance policies, pensions transfers, or high-return investment opportunities.  Scammers are sophisticated, opportunistic and will try many things.  They are also very likely to target the vulnerable.  Beware of investments that appear to be too good be true.

Read how to avoid coronavirus scams to find out more about potential scams, how they could affect you and how to protect yourself.

Scammers might try to persuade you to cash in your pension – either the whole lot or a large sum – and hand the money to them to invest.  Watch out particularly for people contacting you out of the blue or adverts claiming to offer free pension reviews or no-obligation consultations.

To help protect yourself you should:

• Reject offers that come out of the blue
• Get the company’s name and establish their credentials using the FCA’s Financial Services Register
• Beware of adverts on social media channels and paid for/sponsored adverts online
• Do not click links or open emails from senders you don’t already know
• Be wary of promised returns that sound too good to be true
• Take your time to make all the checks you need, even if this means turning down an ‘amazing deal’
• Do not give out personal details (bank details, address, existing insurance/pensions/investment details)
• Seek financial guidance or advice before changing your pension arrangements or making investments

There is further advice on the FCA’s ScamSmart website about how to protect yourself and if you suspect you may have been contacted in what could be a scam.