PROTECT YOURSELF FROM PENSION SCAMS

Don’t let a scammer ruin your retirement

Pension scams are on the rise in the UK. The internet and advances in digital communications mean these kinds of scams are getting more common and harder to identify. Recent Financial Conduct Authority research found that a quarter of consumers would withdraw pension savings earlier as a result of the cost of living crisis – making them vulnerable to scammers. There are different types of pension scams, but they can all lead to the possibility of you losing a lifetime’s worth of savings in a moment.

The Government introduced additional pension transfer rules on 30th November 2021 to help prevent people becoming victims of pension scams. Pension schemes now have new powers to refuse a request to transfer a pension to another pension scheme if there is a risk it might be a scam.

If you tell us you wish to transfer your pension to another arrangement, we may contact you to find out more information about the scheme you want to transfer to, how you were contacted and who advised you about the transfer. It is important that you answer our questions fully as soon as you can. We may stop the transfer if you do not provide the information required, or if that information indicates that you are likely to be at risk of a scam.

You may be required to attend a Pension Safeguarding Guidance appointment given by MoneyHelper .

PROTECT YOURSELF FROM CYBER CRIMINALS

Watch out for ‘phishing’ emails

We are keen to ensure our members are kept safe and cyber security is more important than ever.

Cyber criminals are sending ‘phishing’ emails that try and trick users into clicking on a bad link that could download malware onto your computer or steal your passwords.

The National Cyber Security Centre advises to watch out for:

• Emails claiming to be from someone in authority (doctor, solicitor, government department).
• Emails telling you that you have a limited time to respond (like in 24 hours or immediately).
• Emails that ask you to provide personal information. Your bank (or any other official source) should never ask you to supply personal information from an email. If you have any doubts about a message, call them directly or visit their website.

How to protect yourself:

• Don’t click links in emails like the ones described above.
• If you’ve already clicked, don’t panic, open your antivirus software and run a full scan.
• If you’ve been tricked into providing your password, you should change your passwords on all your other accounts.