Pension scams - stay vigilant

People are now able to access their pension savings in a number of different ways thanks to new rules which came into force in April.

And while this means many pensioners now have more choice about how to take their cash and what they can do with it - there’s growing concern that the changes could mean open season for fraudsters.

That’s why, according to Gav Barang, BT’s social telephony and inclusion product manager, it’s a good idea to keep an eye out for the signs of a scam.

“Everybody with a pension should be aware of what they need to do if they think they’re being targeted,” says Gav. “They also need to know how to report any suspected fraud.”

A recent blog published by Gav Barang offers some sound advice.

Spotting the signs of a scam

Says Gav: “Fraudsters have become very sophisticated in their methods. They build up trust and what they are saying can often sound quite legitimate.”

Gav’s blog highlights some helpful resources on spotting scams:

  • Scamproof your savings - produced by The Pensions Advisory Service gives tips on how to avoid being scammed.
  • The Scamsmart campaign from The Financial Conduct Authority (FCA) - the financial regulator - helps people recognise suspicious activity. The website includes a warning list of firms running scams or operating without authorisation, so people can check out investment opportunities they might be interested in.
  • More advice on staying safe from scammers can be found in this this BT article

Gav’s blog offers guidance on what people should do if they have already become a victim of a scam. He also urges folk to act if they suspect they might have been targeted by fraudsters .

“You should report anything suspicious,” says Gav. “Every complaint helps in the fight against fraudulent activity. This may feel like the last thing on your mind having potentially been a victim but the scammer will often use a ‘rinse and repeat’ method - having targeted one person they’ll move onto their next victims.”

Reporting scams

  • Call The Pensions Advisory Service on 0300 123 1047 before signing anything and for information and advice about pensions scams.
  • If you’ve already signed paperwork, report it to Action Fraud (the National Fraud & Cyber Crime Reporting Centre) at or call 0300 123 2040.

Other helpful resources

  • If you’re being contacted by cold callers, visit BT’s website for useful information on how to screen or block telephone calls. The website also has useful links to organisations hoping to raise awareness and encourage people to manage and report unwanted calls and texts.
  • Which? - the consumer organisation is running a campaign where you can report nuisance calls and texts.
  • The Telephone Preference Service is a free service that lets you opt out of receiving unsolicited marketing calls.
  • Think Jessica - a charity that highlights the dangers of elderly and vulnerable people being taken in by scams and ‘brainwashed’ into giving out personal information.



We're here to help

Go to our Help and support section for tips and advice on making this site easier to use, using our services, understanding impairments, and contacting us. To get in touch right now, use the Email, Chat or BSL links.