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Pension scams

A lifetime’s savings lost in a moment

The Pensions Regulator has warned that pension scams are on the increase in the UK.

Some NHS Pension Scheme members may have already been targets.

‘One off pension investments’, ‘pension loans’ or ‘upfront cash’ entice savers.

For most people, the offers will be bogus. Members who are taken in may lose most, if not all, of their savings.

They may face tax charges of more than half the transfer value for ‘unauthorised payment’.

New guidance

The Pensions Regulator has published new guidance to raise awareness of pension scams. The guidance is for:

  • members
  • pension scheme administrators
  • pension providers
  • independent financial advisers (IFAs)

The scams awareness booklet for members is available on The Pensions Regulator website.