Pension scammers try to trick you into transferring or releasing your pension pot. They target savers of all ages and both big and small pots.
The Pensions Regulator (TPR) estimates 5 million people are at risk of losing savings. Nearly £200 million is reported stolen from pension pots each year – about £2,200 every minute. Experts say the actual scale of pension scams may be much higher because savers may not realise they’ve been scammed until years later, when they go to use their hard-earned savings in retirement.
You can help make sure you don’t become a victim if you know the warning signs of a scam.
Pension scammers usually offer:
Scammers might use phrases like:
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.
They call, email, text or contact you through social media pretending to be from Nest and will ask you to confirm personal information. We’ll never ask you to prove your identity by sharing a password or one-time passcode with anyone else.
If in doubt, hang up and wait 5 minutes before calling our main helpline 0300 020 0090, ideally from a different phone.
You can also log in and email us from your secure online account.
They call unexpectedly and pressurise you to accept an attractive pension offer with guaranteed returns, early access to your pot or a free pension review.
Pension cold-calling is banned in the UK, so calls like this are likely to be fraudulent.
Or they email, text, contact you through social media or show up at your door with an attractive pension offer. 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 steal your savings.
However you’re approached, be suspicious of high-pressure tactics or investment opportunities with limited time offers or one-off deals.
They contact you by phone or online recommending or offering help with your phone, computer or accessing your account. The chances are high it’s a fraudster looking to get remote access to your device and your log-in details.
If in doubt, hang up and report the contact to Action Fraud.
Scammers’ methods are always changing. Learn about their tactic through the government’s Stop! Think Fraud pages.
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 apps if you’ve opened any links or attachments.
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.