“It’s gone. Every fiver I’ve put aside. Every penny I’ve put in the piggy bank. Everything I’ve ever worked for.”

That was Jean’s anguished reaction when, on a recent episode of EastEnders, she found out she’d been the victim of a pension scam. It was a dramatic scene but, with pension scam fraudsters having stolen £17.7m from UK savers in 2023, it’s a sadly familiar story.

Four steps to stay scam-proof

We want you to know the signs of a potential scam and what to do if you suspect you’re being targeted. Here are four things to keep in mind to help you have a scam-free 2025.

• Be cautious! A legitimate financial adviser or pension provider will never contact you out of the blue. Be wary of cold calls, phishing emails and high-pressure sales tactics such as limited time offers.
• Stay protected! Make sure you’re using strong passwords and keeping them confidential. Keep your devices and browsers up to date so that you have the latest software to guard against attacks.
• Know your pension! Understanding how your pension works will help you detect a suspicious offer. Generally you can only take money from your pension when you’re 55 or over (rising to 57 from April 2028).
• Check the register! Always make sure you’re dealing with someone genuine. The Financial Conduct Authority (FCA) keeps a register of authorised advisers. Go to register.fca.org.uk to check it.

Your scam-proof sidekicks

There are lots of organisations out there providing resources to help you stay scam-proof. If you really want to make sure your defences are rock-solid, why not take a look at their websites?

• The Pensions Regulator has produced some real-life case studies that show the devastating impact of pension scams. You might also want to watch the EastEnders storyline about pension scams.
• The National Cyber Security Centre is the UK’s independent authority on cyber security and can help you learn more about threats like email phishing attacks and malicious software.
• The Financial Conduct Authority maintains the ScamSmart website, which contains information about how to spot a scam and what to do if you’re suspicious.
• Action Fraud is the police website for reporting scams. This will make sure the situation is properly investigated and action taken to prevent other people from becoming victims.

We hope you – and your pension – will stay safe this year!