If it sounds too good to be true, it probably is.
Scammers have stolen the life savings of thousands of people using promises such as ‘upfront cash’ and ‘one off deals’.
Video: Transferring your pension
This video explains transferring an LGPS pension to a defined contribution scheme, when to seek financial advice, the possible risks and pension scams. For subtitles select ‘CC’ (closed captions).
Here’s some advice from The Pensions Regulator (TPR) to protect yourself from fraudsters:
- if you receive a cold call, hang up
- if you think you've been scammed you must call Action Fraud immediately on 0300 123 2040, as they may be able to stop the transfer if it hasn’t yet taken place
- don’t place your trust in investments promising ‘guaranteed returns’
- make sure your Independent Financial Advisor (IFA) is registered with the Financial Conduct Authority (FCA)
- don’t act on the advice of others and make sure you do the research for yourself
TPR's current pensions scams guidance is attached to this page, which we encourage you to familiarise yourself with.
You can also find further information on the main TPR website for members as well as employers.
Links to useful documents