Pension scams
Pension scams are common, so it is important that you are vigilant and keep your membership information safe.
Protect your pension from scams
You can learn more about the dangers of scams and the impact they can have in this video from The Pension’s Regulator, then read on below for ways to protect yourself.
In the video, pension saver Pauline shares her story of how scammers stole her £45k pension fund.
Watch Pauline’s experience to find out more about her story and learn about warning signs to look out for.
Here are some tips to help you spot the warning signs of a scam
Knowledge Hub - Help and Support - Scams
- Reject unexpected contact - Knowledge Hub scams
- Ignore 'free pension reviews' - Knowledge Hub scams
- Do your own research - Knowledge Hub scams
- Be aware of pretenders - Knowledge Hub scams
- Scrutinise websites and any other communication you get, even if they look good - Knowledge Hub scams
- Don't be rushed - Knowledge Hub scams
- Look to your pension provider for transfer information - Knowledge Hub scams
- Take FCA-regulated advice - Knowledge Hub scams
Keeping your Scheme details safe
It is highly unlikely that we will contact you by phone, unless you have an ongoing query or case. We will also never ask for security information, such as your myESPS login details.
Make sure you check the reason for any call you get about your pension, and feel confident it is legitimate before giving any personal information.
If something doesn’t seem right you can always get in touch with the scheme administrator, Broadstone, to check.
If you have registered for a myESPS account, it is also really important that you do not share your login details with anyone. If you think your details have been compromised, you can login and change your password at any time.
Where to find more information or report a pension scam
For more information about pension scams, visit fca.org.uk/scamsmart.
You can also visit MoneyHelper.org.uk for free pensions guidance and information, or contact the experts on the useful links page.
If you’re looking for financial advice, be very wary of scams and fraudsters. They often pose as advisers but are out to steal your savings. You should use a regulated financial adviser instead.
Regulated financial advisers
Financial advisers can offer you professional advice on financial decisions. In order to operate, they must be authorised by the Financial Conduct Authority (FCA).
This means they have to agree to a certain level of standards and you can get additional support through the Financial Ombudsman Service or Financial Services Compensation Scheme if things go wrong.
Unbiased
You can find a register of Independent Financial Advisers (IFAs) at unbiased.co.uk. An IFA will help you understand your pension, the options available, and how to manage your finances.
All IFAs listed on the site are registered with the Financial Conduct Authority and the first meeting is typically free.