Pension scammers target savers of all ages in many different ways and their methods are always changing. It’s important you know the warning signs of a scam to help make sure you don’t become a victim.
Scammers usually offer:
Scammers might use phrases like:
Pension scams are designed to be appealing but if you get taken in it’s likely your money will be stolen. You could also face a large tax bill for taking an unauthorised payment from your pension pot.
Think you’ve been a victim? If your Nest account has been subject to fraud or you’ve accidentally given away your details, tell us straight away and then report it to Action Fraud.
If you receive suspicious emails, please forward them to phishing@nestpensions.org.uk and then delete them. Run your anti-virus software if you’ve clicked on any links or opened attachments.
A scammer will call or text pretending to be from Nest and will ask you to confirm personal information. If in doubt, hang up and wait five minutes before calling our main helpline, ideally from a different phone. You can also log in and email us from your secure online account.
Alternatively, a scammer will call you unexpectedly and pressurise you to accept an attractive pension offer. This can include high or guaranteed returns if you transfer your pot to their scheme, access to your pot before you’re 55 or a free pension review.
Pension cold-calling is banned in the UK, so calls like this are likely to be fraudulent.
You can also be contacted out of the blue about your pension at your door or online, including through social media. The chances are it's a high risk offer that would invest your money in unstable and unprotected investments, or it's a scam that will simply steals your savings.
However you’re approached, you should be especially suspicious of high-pressure tactics or investment opportunities with limited time offers or one-off deals.
Logging in to your Nest account for the first time helps stop scammers from getting access to it. Already done that? Then log in regularly and check your personal details are up to date.