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Employers urged to help beat pension scams

The Hub News Team | 8.8.19

Employers across the Marches were today urged to help protect their staff from the growing menace of pension scams.

Image - 5m at risk from scamsNew research from the Financial Conduct Authority and The Pensions Regulator suggests up to five million people could be at risk of pensions fraud in this country.

Key findings show that cold calls, unusual investments and early access to cash are among the most persuasive tactics used by fraudsters and - alarmingly - that those who consider themselves financially savvy are just as likely to fall victim to a pension scam.

The FCA and TPR say employers can help their staff to protect themselves by sharing four simple steps:

  1. Reject unexpected pension offers whether made online, on social media or over the phone.

  2. Check who you're dealing with before changing your pension arrangements. Check the FCA Register or call 0800 111 6768 to see if the firm or person you're dealing with is authorised by the FCA.

  3. Don't be rushed or pressured into making any decision about your pension.

  4. Consider getting impartial information and advice - in some cases you may be required to do so.

If a member of staff thinks they've been a victim of a pension scam, report it. If you suspect that they may be at risk of becoming a victim of a pension scam, report it.

A booklet, poster and more information for you to share with your staff can all be found at: www.thepensionsregulator.gov.uk/pension-scams.

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