Pension Scams - How to protect yourself and your money

Siobhan Smith | 17/08/2018



You may have noticed recently that there’s been a lot of press coverage around pension scams. Profile Pensions is authorised and regulated by the Financial Conduct Authority, and as a company whose mission is to make people better off in retirement, we want to make sure that our customers don’t fall victim to a pension scam. Please see the below tips to help you protect yourself and the money you’ve saved for your retirement.

How to tell if it's a scam

If you’ve been contacted about your pensions and you don’t know the company that have contacted you, here’s some signs to help you spot if it’s likely to be a scam:

  • If you’re told you can access your pension pot before the age of 55 - this is actually only possible in exceptional circumstances (for example terminal illness), so it’s a good indication of a scam.

  • If you’re encouraged to move a large sum of money quickly - through terms such as ‘limited offer’ or ‘promotion’ to get you to act immediately.

  • Promises or guarantees of a high return on your investments are a good giveaway - with all investments, nothing is guaranteed and your investment could decrease or increase in value over time.

If you’ve been contacted by a company using any of the above tactics, then they’re highly likely to be scammers and you should be wary.

Three steps to protect yourself from a scam

  1. Check that the company that contacted you are authorised and regulated by the Financial Conduct Authority (FCA) - Visit’ll find Profile Pensions registered under our parent company name Profile Financial Solutions and our FCA registered number is 596398.

2. Take your time to make a decision - Make sure you’ve read all of the documentation sent to you (even if it looks like boring small print). If you’re moving large sums of money, you should not feel pressured. Profile Pensions will never use hard sales’ tactics and we’ll always ensure that you’ve received our Terms of Business before we talk to you. We’re super proud to have a trustpilot score of 9.3 and you can see independent reviews from customers who’ve used our service here.

3. Get impartial advice - It’s a big decision to move your pension pot, so it’s extremely important that you get impartial information and advice. Profile Pensions advisers are regulated by the Financial Conduct Authority and are obliged to give you advice that’s in your best interests. They’ll tell you how your pension is performing and will only advise you to move your money if that’s the best thing for you. If your current pension is performing well, they won’t advise you to move it. It’s as simple as that. You can see all of our pensions advisers on our website here.

What to do if you think you've been contacted by a pension scammer

If you think that you’ve been contacted by a pension scammer then you can let the FCA know here. If you think you have lost money to a fraudulent scheme then you should call the Police Action Fraud line on 0300 123 2040. If you have any concerns and want to contact Profile Pensions then you can contact us on 01772 804 404. Our lines are open between 8am and 8pm Monday to Thursday or 8am and 5pm on Fridays or email us: [email protected]

How can Profile Pensions help with your pension?

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