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Protecting our pensions from scammers

Councillor Eric Kerry , Chairman of Nottinghamshire Pension Fund Committee

Nottinghamshire Pension Fund is a large fund. We have just under 150,000 members. We manage the retirement pots of many high-profile public sector bodies locally, including Nottinghamshire County Council, all district and borough councils, and Nottingham Trent University. 

Our hardworking fund managers work tirelessly to get the best possible financial returns for a portfolio worth over £6bn. 

We want our members to get great value for their investments.

Our mission to keep our members’ investments safe and healthy has made us increasingly aware of an unscrupulous and worrying trend threatening well-earned pensions.

Tricksters are using underhand methods to target people saving for or receiving a pension to scam them out of their money. Unfortunately, many victims are vulnerable, older, and sometimes isolated.

The Pension Regulator, the UK’s regulator of workplace pension schemes, reports pension scam losses totalling £31m have been filed with the police in the last four years nationwide, with reported losses ranging from under £1,000 to as much as £500,000.

We take the threat of pension scammers very seriously. We’ve shown our commitment to tackling the problem by our fund signing up to the Pension Regulators’ ‘Pledge to Combat Pension Scams'. 

The pledge commits our pension fund to protect our members against scams, including warning them of tell-tale signs of a scam through increased communications and providing extra training for our staff to help stop scams.

As well as our scheme members, I want all residents in Nottinghamshire who are saving for a pension to play their part in keeping their pensions safe by looking out for the tactics of scammers.    

Systematic methods of scams include unsolicited approaches by telephone, text messages or in person and trying to pressurise someone into a quick decision.

Potential victims should also be aware of companies you cannot call back and when only a PO Box address or mobile number are provided as contact details.

Claims that an individual can unlock a pension before age 55 should also be a concern as this is only possible in infrequent and specific circumstances, such as ill health.

Most pensions will remain untouched by scammers. But the effects on the victims can be devastating. So we’ve pledged to combat pension scams, and please ensure you do all you can to avoid them.