14/07/2020 Pension Scams

The Pensions Regulator (TPR) has relaunched their ScamSmart campaign to make pension scheme members more aware of scams during the Covid-19 pandemic. It’s important that you don’t make any hasty decisions which you later come to regret. We advise that you read the steps below before you consider a transfer.

As an LGPS member your defined benefits are safe and unaffected. Your LGPS pension isn’t linked to stock market changes or performance in investment and is set out in law.

See the full pension scams leaflet on the FCA website.

We want to help you get to know the warning signs of a scam and protect your savings, so below are the FCA’s four simple ScamSmart 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 ScamSmart website or call 0800 111 6768 to see if the firm you are dealing with is authorised by the Financial Conduct Authority (FCA) and to give advice on pension transfers.
  3. Don’t be rushed or pressured into making any decision about your pension.
  4. Get impartial information and advice – If your transfer value is more than £30,000, you are required by law to take advice from a suitably qualified financial adviser regulated by the FCA, before you can transfer your benefits to a DC pension scheme.

Find out how 'ScamSmart' you are by taking the FCA and TPR's short quiz.