An increasing number of dishonest companies are targeting savers like you with pension scams, claiming that they can help you take your pension cash early. We want to alert you to these scams to make sure that you don’t become a victim.
The Pensions Advisory Service, the Financial Conduct Authority and several other organisations have joined forces to help tackle the growing problem of pension fraud. A leaflet with more information about pension fraud, can be found at www.pensionwise.gov.uk/scams.
Remember that scams can take many forms, for example an indicator of a scam could be receiving an unexpected call, email or text offering a ‘free pension review’, or a company who will send couriers to your home to collect paperwork.
We’d like to reassure you that Scottish Widows has processes in place to help identify and prevent scenarios where we think pension fraud is being committed. However we hope we can help by giving you more information on the subject.
If you’ve recently retired, or are approaching retirement, there are new scams to look out for.
Because you can take all of your retirement savings at once, it’s likely that fraudsters will try to target customers who have access to large lump sums of money.
There may be a significant increase in scams to steal pension money, or high pressure sales techniques to tempt customers into risky or poorly managed investments.
If you’re approached about an investment which seems ‘too good to be true’ you should be very cautious. You should always research investments thoroughly – don’t be rushed into any decisions. We strongly recommend you discuss any investments with a financial adviser.