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Coronavirus (COVID-19) and Pension Scammers

COVID-19 is having a significant impact on all our daily lives, at work and at home.

As you will be aware certain measures have been introduced by the government to seek to slow down the spread of this virus and it is essential that we all take action to protect ourselves and those around us during these challenging times.

Unfortunately not everyone will have your best interests at heart and this will be a perfect opportunity for the scammers to look at how they can increase their fraudulent activity.

Scammers often approach you with the promise that if you transfer your pension pot you will receive a much better return on your investment and this could sound very lucrative to a pension saver in these uncertain times.

You need to be extra vigilant so that you are not taken advantage of.

If you are an Usdaw member and would like to talk this through with someone contact the Usdaw Pension Section on 0161 224 2804.

Pension cold calling was banned in the UK last year so if you are approached unexpectedly about your pension and you are in any doubt – hang up.

Here are our tips if you are unsure:

  • Reject any unexpected offers made by phone text or email.
  • Check who you are dealing with. Contact the Financial Conduct Authority (FCA) at fca.org.uk/scamsmart
  • Don’t feel rushed or pressured take your time to make all the checks you need.
  • Speak to Usdaw’s Pension Section for further help and guidance or if you need to speak to an Independent Financial Adviser. 

Worried you may have been scammed already?

Act immediately!

  1. Call Usdaw’s Pension Section on 0161 224 2804 or email us at [email protected]
  2. Contact your workplace pension department or pension company-they may be able to stop a transfer that hasn’t taken place yet
  3. Call Action Fraud and report it on 03000 123 2040

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The official website of the Union of Shop, Distributive and Allied Workers