With the rising cost of living, all kinds of scams are rampant.

You may not think that fraudsters will attack pensions.

Most of them use high-tech means to disguise and spread false information on a large scale.

In this article, you will know about common pension scams and how you can avoid it.

Common pension scams

Investment Scam

If you receive any word from an unknown agency that they can help you transfer your pension to an investment scheme.

They usually offer very tempting promises of high returns, including even overseas property and savings.

It is worth noting that these so-called institutions may not be regulated or even exist at all.

Avoid providing your personal privacy and account information when receiving any suspicious messages.


Clone or fake pension plans

Some scammers are setting up fake pension schemes or even highly imitating existing institutions.

These fake schemes usually give higher offers and claim that the scheme will get the highest returns.

However, once the scam gang receives the funds, they run away with it.

Usually this type of scam requires careful identification of subtleties and choose official channels to open your account.

Received a call from a pension company

If one day you get a call claiming to be a pension company, hang up without thinking please.

It is illegal for them to call customers.

Not only that, it is illegal for any company trying to sell by phone etc.

Therefore, it is not possible for the pension to proactively contact you by telephone for further conversations.


How to avoid it

First, you may need to understand basic pension common sense, which will help you identify scams easily.

Secondly, carefully screen any pension institutions that promise high returns, and don’t believe any promises that you will receive early.

If a business person keeps urging you to make a decision or offering a time-limited offer, it’s just psychological tactics. Don’t make a decision in a hurry.

Protecting your privacy and property information is paramount when you’re not sure if it’s a scam.

Get in touch with Action Fraud and get professional support as soon as you think a scam has happened or you can’t tell the difference.