Protect Your Pension - Warning Issued By Action Fraud

The data released by Action Fraud claimed that around £1.8m was lost in pension fraud in the current year. There has been a fall in the reports of pension frauds by 80 per cent in the last six years - from 1788 (in 2014) to 358 (in 2020). 

Nevertheless, there has been an increase in the reports related to pension frauds in the first quarter of the year by almost 45 per cent compared to the same quarter last year. 

Action Fraud launched an awareness campaign in April 2021 to the general public about the significance of researching before making any decision related to pension investment.

The firm informed how the criminals were malicious and motivated to get financial gains through any means without considering the victims were spending their life-changing old-age money, and it can be devastating emotionally and financially for them to lose at this point in life. 

Therefore, savers should be careful not to lose the money that has taken a lifetime to build to be snatched away by fraudsters. 
One should know that anyone can fall victim to scammers' tricks and should not be ashamed to report such crimes. Reporting allows Action Fraud to provide assistance and protection.

Pension scams offer free pension reviews, which can sometimes be too good to be true, and some such schemes are offered to those under 55.  

Action Fraud initiated ScamSmart to help savers from becoming victims. It helps pensioners get impartial supervision and FCA-authorised advice on how to spend pension money. 

Savers should always see that their investment goes into secure schemes and understand whom they deal with. One can research the FCA register to ensure that the services and schemes offered are legitimate. 

Scammers deal with people from multiple work areas. They are not concerned about the amount of money. Their only target is to extract your savings; consumers should know their tactics to protect themselves. One can use the tools offered on the ScamSmart website to protect retirement savings.

 How To Respond To Scam Calls?

• Reject the pension opportunities offered on emails, social media, phone or text messages, offering free pension reviews or investment opportunities related to pension money.

• Search all the deals offered before making any changes in the pension arrangements – check the FCA website for more information.

• Don't decide quickly; get impartial expert advice to make the best decision about your situation. 

• If you suspect the opportunity – seek advice from friends and professionals. 

• Visit the Scamsmart website and report the fraud if you believe you have been a victim of fraud on the Action Frauds website. 

• Any cold call related to pension money is considered illegal, and if you get any annoying or repeated calls or messages – report it to the Information Commissioner's Office.

• If you have consented to a scheme and suspect it to be a scam, contact the pension provider and ask them to stop any related money transactions from the account.