Keep your eye on the ball

A new ScamSmart campaign aimed at fans of the beautiful game has been launched, after discovering they are highly likely to be drawn in by fraudsters targeting long-term pension savings. Research1 has highlighted that only 43% of football fans approaching retirement knew how much was in their pension pot, but 76% knew the cost of football-related items, such as a season ticket.

The Financial Conduct Authority (FCA) and The Pensions Regulator have teamed up with football commentator Clive Tyldesley, to remind savers to check who they are dealing with before making any changes to their pension arrangements, to reject any unwanted offers and to get advice.

Clive Tyldesley commented, “Scammers are very good at breaking down your defences and putting you under pressure with various deadlines. But your pension isn’t a football transfer – there are no deadlines!… Before you fall foul to savvy scammers, remember to take your time, seek advice, and speak to an FCA-authorised adviser. Don’t agree to anything you’re unsure of.”

In the last three years, over £30m has been lost to pension scammers. Losses range from under £1,000 to £500,000, some rare cases have topped £1m.

1FCA, 2020

A pension is a long-term investment. The fund value may fluctuate and can go down. Your eventual income may depend on the size of the fund at retirement, future interest rates and tax legislation. The value of investments and income from them may go down. You may not get back the original amount invested.