Resources

Safety and scams

If you get a cold call about cashing in your pension, STOP and THINK!

Scammers stole nearly £5 million from private pensions in the first half of 2017 alone. So how can you avoid falling victim to a scam?

Typical warning signs

  • Promises that you can cash in your pension before age 55
  • 'Guaranteed' returns on investments
  • Offers of free pension reviews and health checks
  • Talk of pension loans or upfront cash
  • ​Advi​ce to transfer your pension savings​ overseas to avoid scrutiny from regulators
Once the transfer has gone through, it’s too late. You may never see your pension again and might still face a large tax bill.  

If you are thinking about a transfer out, please speak to an independent financial adviser (IFA) who is registered with the Financial Conduct Authority.  Find a list of IFAs in your area at unbiased.co.uk. 

​DC ​pensions

Go through your options ​before you take your DC pension benefits, by booking a free appointment at pensionwise.gov.uk, or speak to an IFA (full list at unbiased.co.uk).

Get more help

  • If you think you’ve been scammed, call Action Fraud ​on 0300 123 2040.
     

Think carefully before transferring your benefits out ...

If you're under 55

  • You can't release or 'cash in'your  pension (unless you are too ill to work or have a protected pension age).
  • You can transfer your pension from one regulated scheme to another.

If you're 55 or older

  • You can use your pension to buy a regular income for the rest of your life (an annuity).
  • You can use your pension to provide a flexible retirement income (drawdown).
  • You can take your pension in cash in stages.
  • You can take the whole pot as cash in one go.

... and think about getting professional advice first.