If you are considering transferring your benefits out of the Scheme check carefully that you’re not falling victim to a ‘Pension Scam’.

The DB Section Administrator is required to undertake several checks before it can approve a transfer and these checks are there to help protect you. The checks may change over time, as pension scams evolve, but are likely to include:

• Checking that the receiving arrangement is registered with HMRC and is approved to receive pension savings. This check is designed to ensure you are not falling victim to a ‘Pension Scam’;
• Checking that the company or individual who
  has advised you to transfer is duly authorised to do so (applicable to transfer values greater than £30,000); and
• Confirming your identity.

How to spot a scam

To help you spot the signs and protect yourself from a scam, the Financial Conduct Authority (FCA) and The Pensions Regulator (TPR) suggest following four simple steps:

Step 1 — Reject Unexpected Offers
If you’re contacted out of the blue about a pension opportunity, chances are it’s a scam. Pension cold calling is illegal, and you should be very wary. An offer of a free pension review, from a firm you’ve not dealt with before, is possibly a scam.

Step 2 — Don’t be rushed or pressured
Take your time to make all the checks you need — even if this means turning down what seems to be an ‘amazing deal’.

Step 3 — Get impartial information or advice
You should seriously consider seeking financial advice before changing your pension arrangements.

Step 4 — Check who you’re dealing with
Visit the ScamSmart page on the FCA website to help you avoid investment and pension scams. This interactive page will take you step by step through how to check an investment or pension opportunity.

For more information on how to avoid being scammed, visit FCA ScamSmart.