Supporting Action Fraud's #ProtectYourPension campaign

We’re supporting Action Fraud’s #ProtectYourPension campaign.

Action Fraud are warning people to #ProtectYourPension after more than £17-million was lost across the UK in 2023.

Action Fraud, the national fraud and cybercrime reporting service, has launched a pension fraud awareness campaign, warning people to protect their pension pots and investments from fraudsters, by encouraging the public to do their research before making changes to pension arrangements.

Last year in Staffordshire, there were six cases of pension fraud reported to us totalling a lost of £140,440 for those involved.

Detective Inspector Kerry Skingle works within our Major and Organised Crime Department and oversees our fraud investigation team. She said: “We understand how devastating financial loss can be to victims, especially when it is taken in this way.

“We thoroughly support Action Fraud’s campaign to help protect and support members of one of our most vulnerable communities in the county

“A pension is a lifeline for many people and to be conned out of that money can have an absolutely detrimental effect, so we’re encouraging people to familiarise themselves on the ways in which they can keep themselves and their families safe from this criminal activity.”

How can you protect yourself?

Here are some steps to protect yourself fraudsters trying to get your pension.

• Unsolicited communication about your pension: if you get a call out of the blue (a cold call) about your pension, the safest thing to do is hang up. It’s illegal and probably a fraudster. If you get offers via email or text, you should simply ignore them. 

• Seek advice first: if you’re thinking about changing your pension arrangements, you should get financial advice beforehand. If you want to find an adviser, make sure they’re authorised by the Financial Conduct Authority. Never take advice from the company that contacted you, this may be part of the scam.
• Investment opportunities: don’t be rushed into making an investment. Remember, legitimate organisations will never pressure you into investing on the spot.

You should treat investment opportunities with extreme caution if there’s:

• pressure to invest (eg time-limited offers);
• downplayed risk of losing your money; or
• promised returns that sound too good to be true.
• Be mindful of tax implications: you’ll pay up to 55% tax on payments from your pension provider if they make an ‘unauthorised payment’. This is a payment made outside of the government’s tax rules and usually includes:
• any payments before you’re 55 (there are exceptions);
• a ‘trivial commutation’ lump sumof over £30,000; or
• regular payments into your account after you’ve died.

For more information on pensions, please visit: https://www.moneyhelper.org.uk/

What to do if you have been a victim:

• Report it: if you’re worried about a potential scam, or you think you may have been contacted by a fraudster, report it the Financial Conduct Authority. Call them on 0800 111 6768 or use the contact formto get in touch.
• If you have made a payment: inform your bank as soon as possible, they can help you prevent any further losses. Monitor your bank statements regularly for any unusual activity.

Action Fraud are also highlighting that pension fraud can often include free pension reviews, too good to be true investment opportunities, pension transfer opportunities, or offers to help release money from your pension , even if you’re under 55.

Data also revealed April had the highest number of reported losses, accounting for 15% of total reported losses in 2023. Individuals who go on to report fraud, tend to check on their pensions to review their financial positions in the new financial year and only notice the fraudulent activity upon checking their pension’s status.

More information and advice can be found on our website: https://www.staffordshire.police.uk/propertyfraud