Pension scams

1. Do not give out any personal information to organisations if you haven’t verified their credentials

This could include your:

• name
• address
• bank details
• email address
• phone number 

2. Secure your online myRPS account

The account you use to manage your pension should have a different password to all of your other accounts.

Use a password manager or three random words that help you create a strong and memorable password. Use Two-step Verification (2VF) Multi-Factor Authentication (MFA) to increase security. This is already a feature of your myRPS account.

3. Update your password regularly

You can do this easily by logging into your myRPS account.

4. Be aware of deepfakes

Deepfakes are videos, images and audio clips of people that have been manipulated by AI-software to deceive, scam, or spread misinformation. These are becoming convincingly real, and it’s important that you can spot the warning signs.

It is likely to be a deepfake if you see any of the following:

• jerky unnatural body movements, excessive blinking or inconsistent facial expressions
• lips that are out-of-sync with the audio
• abnormal skin tones, or inconsistent lighting

If you're unsure, check trustworthy news sources to see if they’ve reported the same messages.

5. Watch out for impersonation fraud and identity fraud - reject unsolicited contact about your pension

Impersonation fraud is where a criminal pretends to be someone else, such as someone from your bank, pension provider or another business, to gain your trust and trick you into giving them personal information.

They can do this through:

• cold calling - cold calling about pensions is illegal and likely to be a scam
• sending phishing emails - these are emails that claim to be from reputable organisations
• contacting you in other ways, such as on WhatsApp and social media platforms 

Report any suspicious behaviour to Report Fraud.

Identity fraud is where a person uses your personal details to commit fraud, e.g. using your bank details to make purchases online. 

You can watch out for this by monitoring your bank statements regularly. For more tips on what to watch out for, and how you can protect yourself, check out the government's National Campaign Against Fraud, in association with City of London Police.

6. Watch out for company data breaches

They may say there’s an issue with your account and encourage you to make a quick decision, such as giving personal details or clicking on a link. But this is a trick to steal your identity or money.

• take your time
• don’t share your passwords or bank details, and
• speak to the company directly using a trusted website or phone number.

 7. Install an up-to-date anti-virus programme and a firewall in your computer/laptop

Installing antivirus software on your computers protects you from hackers and viruses. It makes sure your browser has a high level of security and prevents malware issues and computer crimes. Update it regularly.

8. Always check the contact details

If someone has approached you claiming to be from a well-known organisation, check their contact details match exactly with any letters you’ve received. You could also contact the company directly, using their contact details from their official website.

- Contact numbers and text messages - scammers use numbers that look trustworthy and messaging that sounds like a company's tone of voice. If you’re suspicious, avoid clicking links in text messages. Speak to the company directly.

- Email addresses - check the whole email address to see exactly who it has come from. The email address may not match up with the sender’s name. 

Lookout for:

• spelling and grammar errors
• numbers in email addresses
• requests for PIN numbers or passwords
• competitions you haven't entered

9. Look to your pension provider for transfer information

Scammers may tell you that your current pension scheme will try to stop you transferring out. If your Scheme administrator, Railpen, suspects a scam, we have a legal obligation to try to protect your funds. You can read more on the Transferring in or out page.

10. Take FCA-regulated advice 

Always get impartial information and FCA-regulated advice before you take any action with your pension. You can find more information on the Guidance and advice page.