Pension scams - how to protect yourself
Pension scams are where a third party offers to transfer your retirement fund into an arrangement that will make you money. Fraudsters are getting more sophisticated and widespread. Their offers may look attractive, but the truth is that you could lose your money or be hit with higher charges or an unexpected tax bill.
The Trustee of the Barclays Bank UK Retirement Fund, through its administrator, Willis Towers Watson, takes steps to help our pension scheme members avoid becoming victims of this fraud, but there are things that you should look out for to help yourself.
- The general rule is that you cannot access your pension pot until you reach 55.
- Beware of cold calls, text messages, unsolicited letters, pop-up adverts, invitations to connect on social media from people you don't know, or introductions from acquaintances
- Don't be rushed into a decision on a financial arrangement
- Always check everything for yourself - it is easy to fall for a scam that has been 'recommended by a friend'
- Watch out for investment deals or guaranteed investment returns that originate from overseas
- If it looks too good to be true - it probably is!
All the main financial bodies recognise the threat that scams pose to your financial wellbeing. In 2015, a multi-agency group, led by the National Crime Agency, was set up to tackle pension scams in a co-ordinated way. For more information about how to protect yourself, simply click on any of the links below and it will take you straight to the various websites of those agencies who can assist you:
Information added 11/08/17