Pension scams are still ongoing

Admin Non Members

“Be very wary if you are offered a ‘free pension review’ out of the blue and especially if you are then encouraged to move your pension to get better returns or release cash sums.”

The Financial Conduct Authority (FCA) are aware that people are being contacted unexpectedly and offered a free pension review. This could be a phone call, an email, text message or an offer in an online advert.

Most of the companies making these offers are not authorised by the FCA , yet often falsely claim they are acting on their behalf. Many of them claim that they don’t have to be authorised as they aren’t providing the advice themselves, but this is not the case.

Some callers also claim to represent the Government’s free and impartial guidance service Pension Wise(link is external), set up to help individuals understand the retirement options available to them from the age of 50. The Pension Wise service will not cold call you.

Next steps