Pension scams and transfers (new code of practice and reason for processes)

24 September 2018

The Pensions Regulator (TPR) and Financial Conduct Authority (FCA) have launched a ScamSmart campaign to warn savers about uninvited pension communications.

The advertising campaign follows the revelation that savers lost around £91,000 each on average from scammers promising lucrative returns from fraudulent schemes.

The regulators recommend four steps when unsolicited messages have been received by phone, post, email or social media to help identify when there is the risk of being scammed:

  • reject unexpected pension offers;
  • check the FCA website for information on the person making contact;
  • take time and don’t give in to pressure; and
  • consider getting independent information or advice.

The campaign is advertised on television, radio and online and aims to show the contrast between the victims’ and criminals’ lifestyles following a scam.