Pension scams
When deciding what you are going to do with your pension savings, please be alert as to how pension scams work.
How do pension scams work?
Pension scammers target pension pots of all sizes, relying on deception, scammers can be articulate and financially knowledgeable, with authentic looking websites, customer testimonials and advertising that looks genuine.
Scammers will design attractive offers to lure you in; downplaying the risks to your money to try and persuade you to transfer your pension pot to them or to release funds from it.
If you suspect a scam or think you have been the victim of a scam on the policy that you hold with us, contact us online or using the contact details provided on your policy documents. It’s also important to notify your bank and report scams to Report Fraud.
Anyone can be the victim of a pension scam, no matter how financially savvy they are. We want to help you spot the warning signs and keep your pension safe.
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Contact out of the blue
Scammers may contact you out of the blue. Any unsolicited contact from an unknown company is likely to pose a high risk or be a scam.
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You might be offered: A free pension review
Be wary, professional advice on pensions is not free – an offer of a free pension review from a firm you've not dealt with before is probably a scam.
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A promise of high or guaranteed returns
An offer of high or guaranteed returns on your pension savings that sounds too good to be true is most likely just that!
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Access to your pension before age 55
If someone contacts you offering to help you access your pot before the age of 55, it’s very likely to be a pension scam. You could lose your money and face an additional tax charge of up to 55% of the amount taken out or transferred, plus further charges from your provider.
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What should I do if I’m contacted?
Don’t be rushed or pressured into a decision
Pension scammers may try to rush or pressure you into making a quick decision, they may promise a time limited offer that is exclusive to you. Scammers have been known to send documents with couriers, who wait whilst you sign.
Take your time and seek advice. If you’ve been contacted out of the blue, reject the offer and contact your pension provider. Contact details for Phoenix Life policies can be found on your policy documents, or contact us via our website.
Check who you’re dealing with
Check the FCA's Financial Services Register, to make sure that anyone offering you advice of other financial services is authorised to do so. They should also be permitted to provide services in relation to pensions.
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Get impartial information and advice
You should seriously consider seeking impartial financial guidance or advice before changing your pension arrangements. In some cases, for example where you are transferring more than £30,000 from a defined benefit scheme, you are legally required to obtain this advice. If you need help in finding a regulated adviser, please visit Unbiased or alternatively you can visit our where to get help page.
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You should consider using:
- A financial adviser – If you need help in finding a regulated adviser, please visit Unbiased or alternatively you can our where to get help page.
- MoneyHelper is here to make your money and pension choices clearer. Here to put you in control with impartial help that’s on your side, backed by government and free to use.
- The Pension Wise service is now part of MoneyHelper. The easy way to get free help for all your pension and money choices.
- Online at Report Fraud or by calling 0300 123 2040.
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If you've already agreed to transfer your pension and now suspect a scam, contact your pension provider straight away. They may be able to stop a transfer that hasn't taken place yet.
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If you're unsure please contact us or for further information please visit the following websites by clicking the links below:
