“It’s gone. Every fiver I’ve put aside. Every penny I’ve put in the piggy bank. Everything I’ve ever worked for.”
That was Jean’s anguished reaction when, in a January episode of EastEnders, she found out she’d been the victim of a pension scam. It was a dramatic scene but, with pension scam fraudsters having stolen £17.7m from UK savers in 2023, it’s a sadly familiar story.
Cyber fraud in the UK is unfortunately becoming more common, and fraudsters' techniques more sophisticated. This is a serious issue that can have devastating consequences for individuals’ finances, including pensions.
The Trustee wants to assure you that they are fully committed to safeguarding your pension savings. This includes conducting thorough checks if you request information about your pension or consider leaving the Scheme. They follow specific procedures to ensure your money remains secure.
You can also protect yourself by following these steps:
- Be cautious of cold calls and phishing emails: unsolicited phone calls, emails, or messages offering pension advice or investment opportunities are often a red flag. UK legislation means that legitimate financial advisers and pension providers are not allowed to cold call you about your pension.
- Use strong passwords and keep them confidential: passwords should contain a wide variety of letters, numbers and special characters. Try not to reuse passwords and do not write them down.
- Do not visit or download suspicious links: you could give access to your device by downloading software or an app from a source you don’t trust. Scammers may be able to take control of your device and access your bank account.
- Ensure your devices and browsers are kept up to date: as cyber scammers are always changing and developing, you need to ensure you have the latest software to guard against them.
- Check the Financial Conduct Authority register: this is a list of regulated financial services firms and individuals in the UK. Go there before engaging with any financial adviser or investment firm to ensure they are legitimate and authorised to provide financial services.
- Report suspected scams: if you suspect you've been targeted by a pension scam or have fallen victim to one, report it to Action Fraud. This will help authorities prevent other people from falling victim to the scam and track fraudulent activity.
- Seek professional advice: go to a registered and trusted independent financial adviser before making any decisions associated with your pension.
Cyber scams are a constant threat, and you must remain vigilant to protect your savings. By staying informed about the risks, being cautious with your personal information, and seeking advice from trusted sources, you can reduce your vulnerability and protect your financial future.
Visit the National Cyber Security Centre website for further information that will support you and your family.
You can also watch some case study videos that The Pensions Regulator has created.