Workers may be targeted by scammers who are falsely claiming to be from The Pensions Regulator (TPR).
TPR, which regulates work-based pensions in the UK, has issued a warning that individuals are posing as TPR staff and offering workers a ‘free pension review’ – unlike the pension regulator, which says it never cold-calls individuals about their pensions.
So far, TPR has reports of two people receiving bogus calls. While neither were tricked into handing over details of their pension funds, it is concerned that others may have been approached and have not yet come forward.
Mike Broomfield, head of intelligence at TPR, says: “Like all reputable organisations, we never cold-call people about their pensions. If anyone cold-calls you about your pension, it is an attempt to steal your savings. Just hang up.”
Five signs of a pension scam
TPR highlights five signs of a scam to watch out for:
- The promise of a free pension review
- The promise of guaranteed returns on your investment
- Low tax or tax-free rates, including tax-free lump sums
- Exotic-sounding and/or overseas investments
- Pressure to sign up quickly to avoid missing out.
If you are cold-called about your pension, or believe you could be the victim of pension fraud, contact Action Fraud on 0300 1232040.