Stay safe and pension scam savvy
No matter your age or stage in life, safeguarding your retirement savings is one of the most important steps you can take to secure your future. Unfortunately, pension scams are a growing problem across the UK and they can happen to anyone.
Cost of living pressures and financial worries may make some people more vulnerable to these scams, but awareness is your best defence.
The Pensions Regulator (TPR), which oversees UK workplace pension schemes, has identified seven key scams to watch out for. Knowing what to look for can help you spot a scam before it’s too late:
Investment fraud: False promises of high returns from risky or fake investments.
Pension liberation: Schemes that try to persuade you to access your pension before age 55, which almost always results in hefty tax charges or illegal activity.
Fake pension schemes and providers: Schemes that don’t exist or are set up to steal your money.
Clone firms: Impersonators pretending to be legitimate companies.
Claims management scams: Cold calls claiming you’ve been mis-sold a pension, asking for upfront fees to start a claim.
Employer-related investment (ERI): Employers diverting your pension contributions into inappropriate investments, risking your savings.
High fees: Excessive or hidden charges layered through complex structures designed to drain your pension.
And beware of ‘recovery room’ scams, where fraudsters approach victims who’ve already been scammed, offering to help recover their money for an upfront fee.
The scale of the problem is staggering
Data from UK Finance shows criminals stole over £570 million through scams in the first half of 2024 alone, with banks preventing a further £710 million from being stolen. Sadly, many people don’t realise they’ve been scammed until years later, making it even more vital to stay vigilant now.
We have the power to protect your pension
The Trustee can refuse transfers if we suspect scam activity, and we refer any concerns to MoneyHelper, which offers free guidance on all money matters, including pensions.
Always seek impartial advice
If you’re thinking about transferring your retirement savings, always consult trusted sources like Pension Wise, a free, government-backed service that provides clear guidance. Visit their website to learn more and book an appointment. Alternatively, speak to an FCA-registered financial adviser for personalised support.
Stay informed and stay safe
The FCA’s ScamSmart website offers quizzes, resources, and a warning list of companies to watch out for. You can also report any suspected scams directly on the site. Visit fca.org.uk/scamsmart to learn more.
Your retirement savings are your future — don’t let scammers steal them. Stay alert, get advice, and protect what you’ve worked so hard to build.
HELPFUL LINKS
A secure online portal where you can view your retirement savings in the Fund, review your investment options, and use the retirement illustrator to estimate your retirement income.
If you're currently employed by Marsh McLennan, log in with your usual single sign on details.
If you're a former employee, you can access OneView directly with your login details. If you’ve forgotten your credentials or need help logging in, simply follow the onscreen instructions.
The dedicated website for the Fund, featuring pension journey profiles and information about the Fund, including helpful guides on your investment options and retirement choices.
The benefits portal for Marsh McLennan employees, where you can change your pension contribution percentage during any of the monthly windows.
Disclaimer This content is for information purposes only. It does not constitute advice and you are responsible for obtaining such advice. The Trustee does not accept any liability or responsibility for any action taken as a result of solely reading it.
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