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Unfortunately, the threat of fraudsters looking to get their hands on your pension is still one that looms and has increased dramatically over the global Covid-19 pandemic. Scammers come in many forms, but we want to point out the more common things to be wary of.

• Unexpected contact – Sometimes, members are contacted by companies ‘out of the blue’ and encouraged to transfer their pension benefits elsewhere. If you receive unexpected contact by phone and you’re encouraged to transfer (known as ‘pensions cold-calling’), it’s illegal!
• Time limited pressure – members are often encouraged to transfer within a very limited timeframe, which stops you from giving the transfer some more thought. In some cases, the scammer will even send a courier around to your house to get you to sign the transfer forms, which they’ll then return to the scammer.
• Unrealistic returns in comparison to other firms – in some cases, the receiving pension scheme may offer very high returns on investments that are simply just too good to be true. 
• Flattery – watch out for over-friendly advisers, who’ll often attempt to build a good relationship with you in order to get your trust; flattery might get you most things, but don’t let it get your pension!

Remember:

Your pension in the EAPF is a fully protected, guaranteed income, and transferring your pension to another pension scheme can be a risky business – always seek independent financial advice from an authorised and registered specialist if you’re considering a transfer out of the EAPF.

You can search the ‘retirement adviser directory’ at www.moneyhelper.org.uk

You can also check www.fca.org.uk that you’re dealing with a legitimate company.

Watch a useful video about pension scams.