Pension Fraud - how to recover your savings

If you are within 30 days of transferring or liberating your pension, you can change your mind and ask your old pension company to reinstate your pension.

If it has been more than 30 days then there is still the potential to reclaim all of your savings, plus the loss in your pension growth had you left it where it was.

Hope for Pension Fraud Victims

If you have been the victim of devastating pension fraud then there could be hope. There are steps you can take and legal actions worth considering to get your savings back.

Mark Steward, the Director of Enforcement at the Financial Conduct Authority says they can inforce, investigate and prosecute. This will all take time however, so you should report the fraud as soon as possible and be prepared to be patient whilst waiting for an outcome.

What you should do next 

You should report the crime to the police as soon as you realised or suspect you have been scammed. If the company that transferred or invested your pension suddenly goes quiet and you are unable to speak to a representative then you should report it straight away.

You should also contact Action Fraud so they can help track the scammer down.  Action Fraud is the national reporting centre for fraud and other forms of online and cybercrime for the UK.

You should also report the firm that scammed you to the FCA to help prevent others from falling victim to the same pension fraud company.

Next you should submit a claim to the Financial Services Compensation Scheme and try to get back your original invested pension, loss of pension growth and fee costs. You may want to use a law firm to represent you if you do not understand the complexities of your fraud case or feel it would be easier for someone to help you, but remember that they will take a percentage as a success fee. You can submit your own claim to the Financial Services Compensation Scheme online yourself.

There is a lot of information out there for preventing a pension scam but once it has happened the information available is often scare, conflicting and confusing. Here are five actionable steps to help recover your savings. 

Five actionable steps to take following pension fraud

There are schemes and organisations out there who are dedicated to helping you so don't give up and get in touch with them as soon as you can. Here are five basic steps you should consider if your pension fraud has come to light.

Step one

Contact the police – They can begin investigations into any fraudulent activity and also provide crime numbers for later appeals and Action Fraud.

Step two

Contact Action Fraud – Action Fraud are committed to preventing pension fraud, cybercrime and other forms of fraud in the UK. They have had some outstanding success in the past and will work in collaboration with the police to help find your fraudsters and bring them to justice.

Step three

Report the fraud to the FCA – help others by reporting the firm to the FCA. They can start investigations of their own and may help in getting you compensation but people need to report these fraudulent firms as soon as possible.

Step four

Submit a claim to the Financial Services Compensation Scheme – You can use specialised pension negligence solicitors if you don’t understand the complexities of the fraud and how to win you compensation. It is not required that you use a solicitor – you can go through the Financial Services Compensation Scheme yourself by submitting a claim online.

Step five

Don’t give up. It will take patience and endurance to get your pension savings back but it is possible and it has been done, so don’t resign yourself to a future of financial hardship – keep fighting and hopefully you will be successful.

Thinking of getting your pension reviewed?

Remember that is still worthwhile and good practice to have your pension reviewed. You certainly do not have to transfer your pension under any circumstance but it might make financial sense for you to move to a better performing pension fund. If you are wary due to scamming scares then the government recommend you do three things:

  • Do not use a service you has cold called you.
  • Check the FCA warning list for the companies that are listed to avoid
  • Get impartial advice (someone who is not making a profit from reviewing or transferring your pension) before you make any decisions that have a financial implication.

A legitimate and respectable pension review company will never;

  • Request any upfront fees for simply reviewing your pension.
  • Pessure you into making any financial moves such as investing or transferring. They should be upfront and clear about their transferal fees

A trusted pension review company will always;

  • Provide you with hard copies of everything they offer in the post.
  • Explain everything clearly.
  • Will have a retinue of satisfied customers who have not lodged complaints.
  • Should provide you with a suitability report having reviewed your pension, regarding their reasons for thinking you should move or transfer.

Quick Quote Life wish you all the best with recovering your pension savings from fraud. 

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