Pension scammers want your members’ savings video transcript
Pension scammers want your members’ savings.
They’ll try all kinds of tricks, like cold calling or pretending they’re from a government organisation like Pension Wise.
As a trustee or administrator, you have your part to play.
First off, please give your members this five-step guide. There are plenty of opportunities to do this – like when they ask for a valuation, in the run up to their retirement, and when you send them their annual benefits statement.
It tells them how a scammer might approach them, and how to check everything for themselves.
If they ask you for a transfer it’s really important you make sure they understand the risks – and that they could end up with a massive tax bill on top of losing all their savings.
You can also point them to The Pensions Advisory Service – also known as TPAS – or Pension Wise. TPAS can give them guidance about pensions in general, while Pension Wise can give them more information about what they can do with their pension pot.
And what can you do? Well, make sure you’ve done your due diligence. Download this checklist from our website which tells you about the red flags to look for in the receiving scheme.
And if they still insist on the transfer? Contact Action Fraud.
Thousands of people have lost their life savings from scammers. Their lives have been devastated. Don’t let your members be next.