How to avoid a pension scam

It’s easy to tell a legitimate financial adviser from a scammer when you know what to look for.

We are authorised and regulated by
the Financial Conduct Authority

How do I know if I can trust a financial adviser?

The easiest way to find out if a financial adviser is legitimate is by checking the Financial Conduct Authority register. Regulated financial advisers must be registered with the Financial Conduct Authority, so if they are not listed then they are not authorised to provide advice. Scammers may try to trick people that they are authorised advisers, so it is important to check. If you are contacted by a company offering financial advice or services but they are not on the register, you should avoid dealing with them.

In case you’re wondering, our registration number is 754580.

Where can I get financial assistance?

The government launched Pension Wise, a free retirement guidance service. Provided by MoneyHelper, it explains the available options at retirement, but does not offer actual advice or personal recommendations. Unbiased and vouchedfor.com both list regulated advisers.

Lady holding her tablet sitting with dog | How to avoid a pension scam

Do regulated financial advisers advertise online and by post?

Absolutely. Like any business, regulated financial advisers advertise in many places and they must show their Financial Conduct Authority registration number on all marketing materials. If there is no registration number, then it’s best to steer clear. And a legitimate financial adviser will not cold call you to offer risky investments.

Do regulated financial advisers offer no obligation pension checks?

Yes. It makes accessing financial advice fairer for everyone. Our initial investigation into your pension is free and in many cases we can continue to provide full advice with no obligation should you need it. The golden rule is to make sure the adviser is authorised and regulated by the Financial Conduct Authority.

Will a financial adviser push me into risky investments?

No. If a company is telling you to put your money into an overseas scheme or wine, it is likely to be some sort of scam. Pension portfolios should hold a range of investments specific to your situation and a regulated financial adviser will never pressure you to make an investment that you do not feel comfortable with.

Can I release money from my pension before I’m 55?

No. You cannot take money from your pension until you reach 55, except in extremely rare cases. Many scammers will say that you can take a loan from your pension or release money via a legal loop hole. This is known as pension liberation and could end up wiping out a large proportion of your pension savings.

Can I report a company I think is offering scam investments?

Yes! Firstly, you can check the Financial Conduct Authority ScamSmart warning list to see if the investment is already listed. Secondly, you can report any company you think is a scam to Action Fraud by calling 0300 123 2040.

Hands typing on keyboard | avoiding finance scams

Are there many scams?

Yes! Although it is impossible to have an exact number, there are many scams to watch out for and it is possible for some to appear in Google’s paid adverts. Many people are not confident that they could tell a scam from a legitimate financial offer, though, and evidence suggests people are more likely to be targeted by scams when they are aged 55-59. Always check a company is regulated and then you are protected.

10 ways to avoid a finance scam

1. Ensure the company is real and legitimate

2. Don't supply banking or credit card information

3. Be wary of unrealistic claims

4. Don't send any money

5. Ask questions

6. Don't feel pressured or obligated

7. Beware the fluency

8. Beware "guaranteed returns"

9. Don't believe everyone else is doing it

10. Pay attention to the little details

Find out more

0800 304 7288

Mon-Fri 9am-5pm

Pension Access is a trading name of Harbour Rock Capital Limited which is registered in England & Wales as a Limited Company, No. 10290349. Authorised and regulated by the Financial Conduct Authority, No. 754580. Registered Offices: Affinity House, Beaufort Court, Sir Thomas Longley Road, Rochester, Kent, ME2 4FD. Telephone: 0800 304 7600. Email: pensionaccess@harbourrockcapital.co.uk