Pension fraud

If another organisation approaches you about your pension, or you want to find out about transferring your pension to another provider, read the information below.

Pension liberation

Pension liberation also known as 'pension loans' and 'pension scams', is a transfer of a scheme member's pension savings to an arrangement that will allow them to access their funds before the age of 55. If you're over 55, you can release funds from your pension from April 2015. You may still be at risk from scammers. Make sure you use the government's Pension Wise service to understand your options.

Promises of early cash may still be bogus and may result in serious tax consequences.

If you have been contacted about this then please read guidance document produced by The Pensions Regulator.

Pension Scams leaflet 

Telephone scams

We understand that some people have received recorded phone messages from an organisation calling itself 'The Pensions Helpline' or 'Your Pension Provider'.

From what we have been told, the messages suggest that 'people born after 1952 are due a bonus' or that 'you may be at risk of losing part of your pension'. and prompt the recipient to press a number between 1 and 9 to continue the call. The evidence available suggests that this is a UK-wide scam.

We never request bank details from our members or pensioners over the phone. We always request such information in writing when it is appropriate to do so. We have not been informed that any of our members have been contacted this way, but we want you to be aware of it.

Now that you are aware and know what to watch out for, you can:

• Put the phone down on unsolicited telephone calls
• Never give personal or financial information to anyone who cold calls you on the telephone
• Report any scams to Action Fraud online
• Reduce unsolicited calls by registering with the Telephone Preference Service