Awareness of pensions scams on the rise but still more to do, says RSM

Commenting on the latest results from the Pensions Regulator’s (TPR) scams awareness campaign, Ian Bell, head of pensions at RSM said:

‘It is very encouraging to see that more than 170,000 people have visited the Scamsmart site since the launch of the latest campaign from the Pensions Regulator – a sign that awareness around pensions scams is growing.

‘However, given that around 10m people each year are targeted by unsolicited pension offers, there are still very many more people who remain at risk of losing their lifetime savings to fraudsters.

‘One in five people think they are too savvy to be scammed, but this shows there is worrying complacency among pensions holders. The fact is that scammers are becoming ever more sophisticated and devious, and even those who think they are too canny to fall victim are at risk. 

‘The proposed ban on cold calling can’t come soon enough – but we also need to see more effective enforcement action to ensure this acts as a deterrent to others seeking to relieve pensioners of their hard-earned lifesavings.’

The FCA and tPR suggest the following:

  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 FCA Register or call the FCA contact centre on 0800 111 6768 to see if the firm you are dealing with is authorised by the FCA.
  3. Don’t be rushed or pressured into making any decision about your pension.
  4. Consider getting impartial information and advice.