The Financial Conduct Authority (FCA) website contains useful information about how pensions scams work, how to avoid them, and what to do if you suspect a scam.
In addition the attached leaflet, issued by The Pensions Scams Action Group, has a checklist to go through if you are ever approached about your pension. Scammers appear professional and it's becoming increasingly harder to spot the difference between something that's credible and something that's fraudulent.
The Pensions Scams Action Group (January 2025)
Please follow this link to see our pledge to combat pension scams.
Alerting members to secondary scams and impersonation fraud.
Pension scam victims are increasingly being targeted again - this time by fraudsters posing as support services offering help to recover lost funds.
This type of fraud, known as recovery fraud, is a cruel second hit. Scammers exploit previous victims' vulnerability by offering false hope and asking for personal details or fees under the guise of legitimate follow-up.
Cloning and impersonation fraud can be hard to spot. The Pensions Regulator (TPR) have recently been made aware of scammers impersonating the Fraud Compensation Fund (FCF), sending fake letters to scheme members claiming to help them obtain compensation. The FCF made clear that they do not contact members individually about these payments - trustees are responsible for contacting scheme members. FCF payments are paid directly to trustees on behalf of the scheme. The FCF also added that they would never request money or sensitive personal information from members. The FCF have reported the scam to Action Fraud.
It's vital to stay alert to these evolving scams and to develop protective habits by following the principle: Stop! Think Fraud.
Please follow this link to look at the leaflet produced by the Pensions Scams Action Group which includes a checklist of steps to stay scam safe and outlines what to look out for and how to respond.
