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Avoiding scams

Make sure your pension savings are safe

Key facts

  1. If you’re looking at accessing your pensions, it could make you more vulnerable to pension scammers who will try and get you to transfer your pension savings to them. 
  2. They may promise high returns and ‘unmissable’ opportunities – but don’t be fooled. Check out the ScamSmart website to understand the warning signs and keep your savings safe. 
  3. At Pension Potential we only work with regulated pension and annuity businesses, so you can be assured that your pensions are safe with us.
Reading time

3 mins 


What you need
An understanding of Pension Freedoms

Be scam smart

If you’re thinking of transferring your savings out of your current pension scheme, you need to be aware of pension scams.

The number of fraudsters trying to persuade people to transfer their retirement savings so they can get at the money is increasing, and the statistics are alarming.

In the past the average pension scam victim has lost £51,000.

You can find out more on the Financial Conduct Authority's Scam Smart website.


Watch out for these scam tactics:

  • Contact you didn’t ask for, like emails or phone calls out of the blue – especially if they offer a ‘free pension review’.
  • Offers of ‘one-off’ investment opportunities, possibly overseas, with promises of high or guaranteed returns. High investment returns can’t be guaranteed and moving money overseas makes it harder to trace.
  • Advice to put all your money in one investment asset. It’s unlikely any reputable investment adviser would suggest this. Spreading your investments across different types of asset is usually considered good practice.

“Unfortunately scammers have been targeting pensions for some time - a good adage is "if it sounds too good to be true, it is!".

Always check the company you are dealing with is regulated by the FCA.”

Josh Gordon BA (Hons) FPFS
Head of Financial Planning

What should I do next?

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