Financial scams, especially pension scams, are currently at record-high levels. Scammers have become increasingly sophisticated and articulate, presenting themselves as legitimate entities through convincing websites, testimonials, and documentation. This means all of us are at risk of losing our savings, pensions, and other investments to criminals. Please familiarise yourself with the common signs of scams and learn how you can protect yourself and your financial future.
Be vigilant of these common scam techniques:
Be extremely cautious about out of the blue calls, unexpected emails, texts or WhatsApp messages, particularly those urging you to immediately transfer money or claiming issues with your bank account. Genuine, legitimate financial institutions will not communicate in this way.
Scammers often lure victims with promises of unusually high or guaranteed investment returns. If an investment seems too good to be true, it usually is. Pressure and Urgency: Fraudsters frequently use pressure tactics to get you to make decisions quickly, giving you no time to think before you act.
Be wary of unsolicited offers for free financial reviews or pensions reviews.
Promises that allow you to access pension funds before the age of 55 are illegal and invariably scams.
Be cautious if asked to pay upfront fees, typically between £25 and £450, for loans or credits you never receive.
Scammers may pose as representatives of Claims Management Companies, insurance companies, or credits providers offering assistance in recovering losses. Never share your bank details or send money based on unsolicited contact.
Be vigilant of these common scam techniques:
Be extremely cautious about out of the blue calls, unexpected emails, texts or WhatsApp messages, particularly those urging you to immediately transfer money or claiming issues with your bank account. Genuine, legitimate financial institutions will not communicate in this way.
Scammers often lure victims with promises of unusually high or guaranteed investment returns. If an investment seems too good to be true, it usually is. Pressure and Urgency: Fraudsters frequently use pressure tactics to get you to make decisions quickly, giving you no time to think before you act.
Free Financial Reviews:
Be wary of unsolicited offers for free financial reviews or pensions reviews.
Early Pension Access:
Promises that allow you to access pension funds before the age of 55 are illegal and invariably scams.
Advance Fees:
Be cautious if asked to pay upfront fees, typically between £25 and £450, for loans or credits you never receive.
Claims Management:
Scammers may pose as representatives of Claims Management Companies, insurance companies, or credits providers offering assistance in recovering losses. Never share your bank details or send money based on unsolicited contact.
Follow these guidelines to strengthen your protection:
Beware of adverts on social media channels or paid for/ sponsored online promotions, particularly those appearing unexpectedly. Reject offers that come out of the blue.
Never give out personal details following unsolicited calls, emails, or social media messages.
Regularly consult the FCA Register and FCA Warning List to validate firms and identify potential scams.
Do not click links or open attachments from senders you do not know.
Never rush financial decisions. Genuine advisers or schemes will always provide you with adequate time to make considered choices and will not rush or pressure you.
Legitimate, regulated advisers charge fees. Offers of free pension reviews are likely scams.
Remember, UK law states you can only legally access pension benefits from age 55. Claims otherwise are fraudulent.
Be very wary if you are advised to invest in unusual investment opportunities promising unrealistic returns.
Always ask advisers explicitly about the fees they will charge.
Always check if a company is authorised by the Financial Conduct Authority (FCA). You can confirm their legitimacy using the FCA Register: https://register.fca.org.uk/s/
Follow these guidelines to strengthen your protection:
If you suspect a pension scam, take immediate action:
Call the Financial Conduct Authority on 0800 111 6768 or use their online contact form: https://www.fca.org.uk/contact
Report pension cold calls to the Information Commissioner’s Office (ICO) via ICO Complaints.
Report scams to Action Fraud via Action Fraud or call 0300 123 2040. In Scotland, call 101.
For additional detailed information, please see the Pensions Consumer Leaflet linked here.
Pathlines Pensions UK Limited (formerly named London & Colonial Services Limited), Company No. 02966313. Registered in England & Wales:, 1st Floor, Lakeside House, Shirwell Crescent, Furzton, Milton Keynes, MK4 1GA. Pathlines Pensions UK Limited is authorised and regulated by the Financial Conduct Authority No. 463876
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