Back to front page Investment scams

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Investment Scams – what are they?
  • Scams can take many forms. Many offer ‘One-off pension investments’, ‘pension loans’ or upfront cash to entice savers to transfer their pension funds
  • Many of the people that offer these sometimes claim to be ringing as part of a government initiative. This can make what is an illegal activity appear legitimate and very appealing for the victim
  • If you’re approached in this way, you may be encouraged to transfer your pension quickly, and they may even send documents to you by courier in an attempt to pressurise you to sign
What things do I need to look out for?
  • Victims are typically approached out of the blue over the phone, via text messages or in person door-to-door
  • Companies using phrases like ‘one-off investment opportunities’, ‘free pension reviews’, ‘legal loopholes’, ‘cash bonus’, ‘government endorsement’
  • Your money is transferred overseas or you are advised of exotic overseas investments
  • You are told they have found a “legal loophole”
  • There’s no member copy of documentation
  • You are encouraged to speed up transfers of your money to the new scheme
What can I do to protect myself?
  • Make sure that anyone giving you financial advice is approved and regulated by the Financial Conduct Authority (FCA). You can check if an adviser is approved through the FCA register before you agree to anything
  • If you are transferring to another scheme, you should ask the scheme that you are transferring from to check the new schemes HMRC registration- they can make sure it is a legitimate scheme
  • Never be rushed into making a decision. If it sounds too good to be true, it probably is
  • Don’t proceed unless you are absolutely certain your money will be safe, because once you transfer, it’s too late
Who can I contact for more information?
  • You can find useful information at www.pensionwise.gov.uk
  • You can call The Pensions Advisory Service on 0300 123 1047 for free impartial guidance
  • If you suspect you might have already been targeted by fraudsters you should contact Action Fraud on 0300 123 2040
Important message from Pension Wise

Pension Wise will never call you unprompted. To receive your free impartial guidance session, you need to contact Pension Wise and book an appointment. If you are contacted out of the blue, by someone claiming to be Pension Wise from the government, be on your alert, as they may be fraudsters.
 
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