Pension scams happen in many shapes and sizes, but the end result is the same: you lose your life savings.

Don’t allow others take advantage of your retirement – learn how to recognise and avoid pension scams, as well as what to do if you believe you’ve been a victim.

Detecting a pension fraud

Pension fraudsters employ a variety of methods to get their hands on your money.

Emails, text messages, or cold calling

A con artist will frequently contact you out of the blue.

This is because they’ll use whatever information they have on you to try to persuade you to part with all or part of your pension funds.

If someone contacts you regarding your pension and you didn’t ask to be contacted, it’s a significant red flag that you should cease engaging with them and decline their offers.

You are not permitted to phone the company back.

Asking whether you can call them back later is an easy technique to see if a caller is from a legitimate organisation.

If they say you can’t phone them, they’re probably a con artist.

Regulated pension advisers will always give you the option of contacting them at a more convenient time and discussing any concerns you may have.

Contact information is inadequate.

Sometimes fraudsters may provide you contact information so you can call them back, but that doesn’t mean they’re a legitimate company.

The warning bells should start ringing if the phone number is a cell number or the delivery location is a PO Box.

Your best bet is to search up the company on the FCA registration without relying on the possible fraudster’s information.

Call them back using that number if they are on the register.

If they aren’t on the list, don’t contact them again.

When you’re under 55, it promises to release your pension.

The rules for this one are quite straightforward.

Most people who withdraw money from a pension before turning 55 must pay a 55 percent tax on the amount they withdraw, as well as a hefty fee to the business that arranged it for them.

You can only obtain your pension early if you have a major health problem or if you have a ‘protected retirement date,’ which must have been approved before April 2006.

Getting your pension early is referred to by some scammers as ‘pension liberation,’ ‘pension loans,’ or’selling your pension.’

It all implies the same thing, and if you do, you’ll be hit with a hefty tax bill.

You’ve been instructed to make hasty decisions.

The hard sell is a common tactic in a variety of sorts of fraud, and it’s no different when it comes to pensions.

You may be pressed into making financial decisions, such as transferring significant sums over the phone or sending documentation via express delivery services.

Choosing what to do with your life savings and how to set up your pension are significant and life-changing decisions.

Someone who wants you to go swiftly isn’t thinking about your best interests.

Keep your distance.

Offers of high-yield, low-risk investments

This type of promise can be seen in a variety of other types of money fraud, and it’s always a red flag that something isn’t right.

There’s always a risk when you’re promised extremely high profits, but in this case, it’s merely a ruse to get you to pay over a large portion of your assets.

Keep an eye out for words that can be used to identify a scammer.

Companies attempting to steal your pension funds will frequently use a jumble of terms that seem impressive but signify nothing and are a dead giveaway that the offer is a ruse.

Here are a few to keep an eye out for:

  • pension loan loophole
  • free pension review
  • one-time investment
  • pension emancipation

Alternatively, an investment described as:

  • A ‘new’ industry that is unique in the world,
  • environmentally beneficial, and ethical.

How to Stay Away From Pension Scams

There are a few actions you can do to help you avoid getting scammed once you know what to look for.

Do not answer the phone, respond to emails or texts, or converse with strangers who knock on the door.

Unless you are terminally ill, don’t aim to reach your retirement age before 55.

Consider claims of big profits and tax incentives are dead giveaways that you’re dealing with a con artist.

Do some research on any companies with which you’re considering partnering to increase your retirement savings.

The first step is to check the FCA registration to determine if the company is regulated, and then check the FCA’s warning list to see if it has been warned before.

What can you do if you think you have been a victim of a pension scam

If you believe you have been the victim of a pension scam, you should report it right away.

There are steps you can take to recoup your funds or prevent others from becoming victims.

Contact your pension provider if the scam happened recently.

They might be able to prevent the fraudster from obtaining your pension by interrupting the transfer.

You can also contact Analysis Forensics LTD at +441302973034, +972773002408 to see what other assistance is available.

Report the scam to Analysis Forensics LTD on their website.

With their expertise, Analysis Forensics LTD offers pension scams recovery funds services, crypto scams and more.

We’ll be able to tell you if you’re eligible for compensation once we know what happened to your pension.

It’s doubtful that you’ll get all of your money back if you haven’t been scammed recently, but it’s worth filing a claim if you can.