Pension Scams

Pension scams are on the rise so if you're thinking of transferring your pension benefits to another pension provider, make sure you protect yourself from scammers.

The risks of transferring your benefits to an illegal company may be very damaging to your future financial security. If you do fall victim of a scam, it is unlikely your money will be recoverable. You may also face a tax bill from HM Revenue and Customs (HMRC).

Shropshire County Pension Fund has signed up to meet the standards of the Pensions Regulator’s pledge to combat pension scams. We have self-certified as meeting the requirements of the Pensions Regulator which is an industry standard pledge asking trustees, providers and administrators of pension schemes to do what they can to protect scheme members.

You can also get further information and advice from MoneyHelper and the Financial Conduct Authority (FCA).  

If you're thinking about transferring your benefits out of the LGPS and seeking financial advice, we recommend you visit the Financial Conduct Authority's website. A video is available explaining defined benefit pension scheme transfers, and the service you should expect from your financial adviser. In some circumstances, you will be required to obtain financial advice before a transfer of your LGPS benefits can take place.

If you're worried that you may have fallen victim to a scam, contact Action Fraud.