How to spot a pension scam

There are some common tell-tale signs that mean it could be a scam:

• Unsolicited approaches by phone, text message, email or in person. Since January 2019, there has been a ban on cold calling about pensions. This means you should not be contacted by any company about your pension, unless you’ve asked them to contact you.
• When a firm doesn’t allow you to call them back.
• Where you’re forced to make a quick decision, are pressured into doing so, or are encouraged to transfer your pension quickly and send documents by courier or get a personal representative rushing you. Never be rushed into a decision.
• Where contact details you’re given, or on their website, are only mobile phone numbers or a PO box address.
• When they claim they can help you or a relative unlock a pension before the age of 55, sometimes known as ‘pension liberation’ or ‘pension loans’. Only in very rare cases, such as very poor health, is this possible.
• When they claim to know of tax loopholes or promise extra tax savings.
• Offer high rates of return on your investment but claim it’s low risk. Investments can go up as well as down, so if it sounds too good to be true it probably is.
• Offers or mentions of ‘one-off investments’, ‘time-limited offers’, ‘upfront cash incentives’, ‘free pension reviews’, ‘legal loopholes’ or…