{"id":1208,"date":"2023-10-23T15:58:28","date_gmt":"2023-10-23T15:58:28","guid":{"rendered":"https:\/\/www.sheilatarr.co.uk\/?p=1208"},"modified":"2023-10-23T15:59:54","modified_gmt":"2023-10-23T15:59:54","slug":"pension-scams-how-to-identify-and-report-them","status":"publish","type":"post","link":"https:\/\/www.sheilatarr.co.uk\/pension-scams-how-to-identify-and-report-them\/","title":{"rendered":"Pension Scams \u2013 how to identify and report them"},"content":{"rendered":"\n

Don\u2019t let a scammer enjoy your retirement. Find out how pension scams work, how to avoid them, and what to do if you suspect a scam.<\/strong><\/p>\n\n\n\n

Pension scams often involve attractive offers that aim to persuade you to transfer your pension pot (or release funds from it). If you\u2019re worried about money and want to use your pension to repay debts, contact a free debt adviser first to find out what your options are.<\/p>\n\n\n\n

https:\/\/www.moneyhelper.org.uk\/en\/money-troubles\/dealing-with-debt\/debt-advice-locator<\/a><\/p>\n\n\n\n

Warning signs<\/h2>\n\n\n\n

Pension scams often include:<\/p>\n\n\n\n

\u2022 a guaranteed better return on your pension savings
\u2022 high-pressure sales tactics
\u2022 unusual investments, which tend to be unregulated and high risk
\u2022 complicated structures, so it isn\u2019t clear where your money will end up
\u2022 several groups (some of which may be based overseas) all taking a fee, which means the total amount deducted from your pension is significant<\/p>\n\n\n\n

Early pension release scams<\/h2>\n\n\n\n

You should be very wary of any scheme offering to help you release cash from your pension before you\u2019re 55. It\u2019s almost certainly a scam.<\/p>\n\n\n\n

Generally, you can only take money from your pension when you\u2019re 55 or older except in certain cases, such as poor health. This will increase to 57 from 2028.<\/p>\n\n\n\n

How early pension release scams work<\/h2>\n\n\n\n

Offers to access your pension early may be called ‘pension liberation’ or a ‘pension loan’, as the scammers often claim you can borrow money from your pension fund. If you take up the offer, your pension funds will be transferred into a scheme set up by the scam, which will often be based abroad. You may be ‘loaned’ an amount (often around half of your pension), with the company involved taking a fee, perhaps as much as 30%.<\/p>\n\n\n\n

You could also face a tax bill of 55% on what you withdraw, even if:<\/p>\n\n\n\n

\u2022 you didn\u2019t realise you\u2019d broken the tax rules
\u2022 you put the money back in your pension
\u2022 you\u2019ve paid fees or charges to the company involved
\u2022 you\u2019ve spent all\u202fthe money\u202f<\/p>\n\n\n\n

Once you\u2019ve paid the fees and tax, any money remaining will then be invested in high-risk products or projects, like overseas property developments. Sometimes it\u2019s simply stolen outright.<\/p>\n\n\n\n

Risks of accessing your pension early<\/h2>\n\n\n\n

Taking cash from your pension before you\u2019re 55 is unlikely to be in your interests. If an FCA-authorised adviser recommends an early pension-release scheme, ask them to explain the full consequences and risks, and your other options. These schemes can be illegal if you\u2019re not told \u2013 or are misled \u2013 about the tax you\u2019ll pay and the risks of accessing your pension early.<\/p>\n\n\n\n

Pension review scams<\/h2>\n\n\n\n

If you\u2019re contacted unexpectedly and offered a free pension review, it\u2019s likely to be a scam. Professional advice on pensions is not free. Most of the companies offering free pension reviews aren\u2019t authorised, but many falsely claim they are. They may also claim that they don\u2019t have to be authorised, as they aren\u2019t providing the advice themselves. Some scammers may even say they\u2019re acting on behalf of the FCA or MoneyHelper.<\/p>\n\n\n\n

How pension review scams work<\/h2>\n\n\n\n

Free pension reviews are designed to persuade you to move money from your pension pot into a high-risk scheme. Your pension pot is then invested in unusual investments such as overseas property, forestry, storage units, care homes, biofuels or businesses you may not be familiar with.<\/p>\n\n\n\n

You may be promised guaranteed returns or cash from your pension to tempt you to take up these offers. Some of these investments are badly run, while others are outright scams.<\/p>\n\n\n\n

As they\u2019re promoted as long-term pension investments, it could be several years before you realise something is wrong.<\/p>\n\n\n\n

Protect yourself from pension scams
If you get a call out of the blue (a cold call) about your pension, the safest thing to do is hang up. It\u2019s illegal and probably a scam. If you get offers via email or text, you should simply ignore them. Report pension cold calls to the\u202fInformation Commissioner\u2019s Office (ICO).<\/p>\n\n\n\n

If you\u2019re thinking about changing your pension arrangements, you should get financial guidance or advice\u202fbeforehand. If you want to find an adviser, make sure they\u2019re authorised by us. Never take advice from the company that contacted you, this may be part of the scam.<\/p>\n\n\n\n

Report a pension scam\u202f
If you\u2019re worried about a potential scam or you think you may have been contacted by a fraudster, report it to the FCA on 0800 111 6768.<\/p>\n","protected":false},"excerpt":{"rendered":"

Don\u2019t let a scammer enjoy your retirement. Find out how pension scams work, how to avoid them, and what to do if you suspect a scam. Pension scams often involve attractive offers that aim to persuade you to transfer your pension pot (or release funds from it). If you\u2019re worried about money and want to…<\/p>\n","protected":false},"author":1,"featured_media":1207,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_kadence_starter_templates_imported_post":false,"_kad_post_transparent":"","_kad_post_title":"","_kad_post_layout":"","_kad_post_sidebar_id":"","_kad_post_content_style":"","_kad_post_vertical_padding":"","_kad_post_feature":"","_kad_post_feature_position":"","_kad_post_header":false,"_kad_post_footer":false,"footnotes":""},"categories":[12],"tags":[],"yoast_head":"\nPension Scams \u2013 how to identify and report them - www.sheilatarr.co.uk<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.sheilatarr.co.uk\/pension-scams-how-to-identify-and-report-them\/\" \/>\n<meta property=\"og:locale\" content=\"en_GB\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Pension Scams \u2013 how to identify and report them - www.sheilatarr.co.uk\" \/>\n<meta property=\"og:description\" content=\"Don\u2019t let a scammer enjoy your retirement. Find out how pension scams work, how to avoid them, and what to do if you suspect a scam. Pension scams often involve attractive offers that aim to persuade you to transfer your pension pot (or release funds from it). If you\u2019re worried about money and want to...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.sheilatarr.co.uk\/pension-scams-how-to-identify-and-report-them\/\" \/>\n<meta property=\"og:site_name\" content=\"www.sheilatarr.co.uk\" \/>\n<meta property=\"article:published_time\" content=\"2023-10-23T15:58:28+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-10-23T15:59:54+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.sheilatarr.co.uk\/wp-content\/uploads\/2023\/10\/Pension-Scams-Featured-Image.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1000\" \/>\n\t<meta property=\"og:image:height\" content=\"667\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Sheila Tarr Team\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Sheila Tarr Team\" \/>\n\t<meta name=\"twitter:label2\" content=\"Estimated reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"4 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.sheilatarr.co.uk\/pension-scams-how-to-identify-and-report-them\/\",\"url\":\"https:\/\/www.sheilatarr.co.uk\/pension-scams-how-to-identify-and-report-them\/\",\"name\":\"Pension Scams \u2013 how to identify and report them - www.sheilatarr.co.uk\",\"isPartOf\":{\"@id\":\"https:\/\/www.sheilatarr.co.uk\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.sheilatarr.co.uk\/pension-scams-how-to-identify-and-report-them\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.sheilatarr.co.uk\/pension-scams-how-to-identify-and-report-them\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.sheilatarr.co.uk\/wp-content\/uploads\/2023\/10\/Pension-Scams-Featured-Image.jpg\",\"datePublished\":\"2023-10-23T15:58:28+00:00\",\"dateModified\":\"2023-10-23T15:59:54+00:00\",\"author\":{\"@id\":\"https:\/\/www.sheilatarr.co.uk\/#\/schema\/person\/8e1f07edb375b303df97b548ac55d8fc\"},\"breadcrumb\":{\"@id\":\"https:\/\/www.sheilatarr.co.uk\/pension-scams-how-to-identify-and-report-them\/#breadcrumb\"},\"inLanguage\":\"en-GB\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.sheilatarr.co.uk\/pension-scams-how-to-identify-and-report-them\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-GB\",\"@id\":\"https:\/\/www.sheilatarr.co.uk\/pension-scams-how-to-identify-and-report-them\/#primaryimage\",\"url\":\"https:\/\/www.sheilatarr.co.uk\/wp-content\/uploads\/2023\/10\/Pension-Scams-Featured-Image.jpg\",\"contentUrl\":\"https:\/\/www.sheilatarr.co.uk\/wp-content\/uploads\/2023\/10\/Pension-Scams-Featured-Image.jpg\",\"width\":1000,\"height\":667,\"caption\":\"Pension Scams Featured Image\"},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/www.sheilatarr.co.uk\/pension-scams-how-to-identify-and-report-them\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/www.sheilatarr.co.uk\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Pension Scams \u2013 how to identify and report them\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/www.sheilatarr.co.uk\/#website\",\"url\":\"https:\/\/www.sheilatarr.co.uk\/\",\"name\":\"www.sheilatarr.co.uk\",\"description\":\"\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/www.sheilatarr.co.uk\/?s={search_term_string}\"},\"query-input\":\"required name=search_term_string\"}],\"inLanguage\":\"en-GB\"},{\"@type\":\"Person\",\"@id\":\"https:\/\/www.sheilatarr.co.uk\/#\/schema\/person\/8e1f07edb375b303df97b548ac55d8fc\",\"name\":\"Sheila Tarr Team\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-GB\",\"@id\":\"https:\/\/www.sheilatarr.co.uk\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/secure.gravatar.com\/avatar\/6b8ce7133ee54cf67a03bb204c3473b7?s=96&d=mm&r=g\",\"contentUrl\":\"https:\/\/secure.gravatar.com\/avatar\/6b8ce7133ee54cf67a03bb204c3473b7?s=96&d=mm&r=g\",\"caption\":\"Sheila Tarr Team\"},\"sameAs\":[\"https:\/\/www.sheilatarr.co.uk\"],\"url\":\"https:\/\/www.sheilatarr.co.uk\/author\/steve\/\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Pension Scams \u2013 how to identify and report them - www.sheilatarr.co.uk","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.sheilatarr.co.uk\/pension-scams-how-to-identify-and-report-them\/","og_locale":"en_GB","og_type":"article","og_title":"Pension Scams \u2013 how to identify and report them - www.sheilatarr.co.uk","og_description":"Don\u2019t let a scammer enjoy your retirement. Find out how pension scams work, how to avoid them, and what to do if you suspect a scam. Pension scams often involve attractive offers that aim to persuade you to transfer your pension pot (or release funds from it). If you\u2019re worried about money and want to...","og_url":"https:\/\/www.sheilatarr.co.uk\/pension-scams-how-to-identify-and-report-them\/","og_site_name":"www.sheilatarr.co.uk","article_published_time":"2023-10-23T15:58:28+00:00","article_modified_time":"2023-10-23T15:59:54+00:00","og_image":[{"width":1000,"height":667,"url":"https:\/\/www.sheilatarr.co.uk\/wp-content\/uploads\/2023\/10\/Pension-Scams-Featured-Image.jpg","type":"image\/jpeg"}],"author":"Sheila Tarr Team","twitter_card":"summary_large_image","twitter_misc":{"Written by":"Sheila Tarr Team","Estimated reading time":"4 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"WebPage","@id":"https:\/\/www.sheilatarr.co.uk\/pension-scams-how-to-identify-and-report-them\/","url":"https:\/\/www.sheilatarr.co.uk\/pension-scams-how-to-identify-and-report-them\/","name":"Pension Scams \u2013 how to identify and report them - www.sheilatarr.co.uk","isPartOf":{"@id":"https:\/\/www.sheilatarr.co.uk\/#website"},"primaryImageOfPage":{"@id":"https:\/\/www.sheilatarr.co.uk\/pension-scams-how-to-identify-and-report-them\/#primaryimage"},"image":{"@id":"https:\/\/www.sheilatarr.co.uk\/pension-scams-how-to-identify-and-report-them\/#primaryimage"},"thumbnailUrl":"https:\/\/www.sheilatarr.co.uk\/wp-content\/uploads\/2023\/10\/Pension-Scams-Featured-Image.jpg","datePublished":"2023-10-23T15:58:28+00:00","dateModified":"2023-10-23T15:59:54+00:00","author":{"@id":"https:\/\/www.sheilatarr.co.uk\/#\/schema\/person\/8e1f07edb375b303df97b548ac55d8fc"},"breadcrumb":{"@id":"https:\/\/www.sheilatarr.co.uk\/pension-scams-how-to-identify-and-report-them\/#breadcrumb"},"inLanguage":"en-GB","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.sheilatarr.co.uk\/pension-scams-how-to-identify-and-report-them\/"]}]},{"@type":"ImageObject","inLanguage":"en-GB","@id":"https:\/\/www.sheilatarr.co.uk\/pension-scams-how-to-identify-and-report-them\/#primaryimage","url":"https:\/\/www.sheilatarr.co.uk\/wp-content\/uploads\/2023\/10\/Pension-Scams-Featured-Image.jpg","contentUrl":"https:\/\/www.sheilatarr.co.uk\/wp-content\/uploads\/2023\/10\/Pension-Scams-Featured-Image.jpg","width":1000,"height":667,"caption":"Pension Scams Featured Image"},{"@type":"BreadcrumbList","@id":"https:\/\/www.sheilatarr.co.uk\/pension-scams-how-to-identify-and-report-them\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/www.sheilatarr.co.uk\/"},{"@type":"ListItem","position":2,"name":"Pension Scams \u2013 how to identify and report them"}]},{"@type":"WebSite","@id":"https:\/\/www.sheilatarr.co.uk\/#website","url":"https:\/\/www.sheilatarr.co.uk\/","name":"www.sheilatarr.co.uk","description":"","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.sheilatarr.co.uk\/?s={search_term_string}"},"query-input":"required name=search_term_string"}],"inLanguage":"en-GB"},{"@type":"Person","@id":"https:\/\/www.sheilatarr.co.uk\/#\/schema\/person\/8e1f07edb375b303df97b548ac55d8fc","name":"Sheila Tarr Team","image":{"@type":"ImageObject","inLanguage":"en-GB","@id":"https:\/\/www.sheilatarr.co.uk\/#\/schema\/person\/image\/","url":"https:\/\/secure.gravatar.com\/avatar\/6b8ce7133ee54cf67a03bb204c3473b7?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/6b8ce7133ee54cf67a03bb204c3473b7?s=96&d=mm&r=g","caption":"Sheila Tarr Team"},"sameAs":["https:\/\/www.sheilatarr.co.uk"],"url":"https:\/\/www.sheilatarr.co.uk\/author\/steve\/"}]}},"_links":{"self":[{"href":"https:\/\/www.sheilatarr.co.uk\/wp-json\/wp\/v2\/posts\/1208"}],"collection":[{"href":"https:\/\/www.sheilatarr.co.uk\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.sheilatarr.co.uk\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.sheilatarr.co.uk\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.sheilatarr.co.uk\/wp-json\/wp\/v2\/comments?post=1208"}],"version-history":[{"count":2,"href":"https:\/\/www.sheilatarr.co.uk\/wp-json\/wp\/v2\/posts\/1208\/revisions"}],"predecessor-version":[{"id":1210,"href":"https:\/\/www.sheilatarr.co.uk\/wp-json\/wp\/v2\/posts\/1208\/revisions\/1210"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.sheilatarr.co.uk\/wp-json\/wp\/v2\/media\/1207"}],"wp:attachment":[{"href":"https:\/\/www.sheilatarr.co.uk\/wp-json\/wp\/v2\/media?parent=1208"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.sheilatarr.co.uk\/wp-json\/wp\/v2\/categories?post=1208"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.sheilatarr.co.uk\/wp-json\/wp\/v2\/tags?post=1208"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}