David Powers, Head of Financial Crime Prevention at the Phoenix Group, said: “Fraud is a significant issue in the pension industry, with scams affecting millions of people each year. Cold calling is one of the most common tactics used by fraudsters to scam pension savers and we are very encouraged that the Government has tabled an amendment to its Financial Guidance and Claims Bill to include a ban on cold calling in relation to pensions.”

Tips to avoid becoming a victim of fraud:

1. Don’t allow yourself to be pressured into making a decision quickly. Pressure to make quick decisions may well increase the chance of you making a poor decision and is also an indication that the approach may be a scam.
2. Think about the contact you have received. Is this how the company usually contacts you? Would your pension provider really text you about a financial opportunity? Think about whether it's sensible for the company to make contact in that way. Phoenix would not contact its customers in this way.
3. Do you need to pay up front? You should never have to pay to access funds that are yours.
4. Are the returns guaranteed? Guarantees of returns are also an indication of a scam.
5. If it sounds too good to be true, it probably is. Sometimes an offer may be articulated in a way that will not arouse suspicion. Think very carefully about the risks and the proposed benefits.
6. Be wary of any offers to access your pension early, especially before the age of 55. Ignore any unsolicited contact you receive on the subject - this could be via phone, text message, online, in person or the post. Watch out for elaborate sounding investments, particularly those based overseas. Check the FCA ScamSmart warning list for known investment scams. http://scamsmart.fca.org.uk/
7. Don’t hand over personal data until you know the company you are dealing with is regulated. If you have already done this and are concerned about how it might be used, contact your pension provider and let them know what has happened so that they do not act on any instructions from the company..
8. If you are unsure, you can call Pension Wise on 0800 138 3944, The Pensions Advisory Service on 0300 123 1047 or the Citizens Advice consumer service on 03454 04 05 06. To report suspected fraud you can call Action Fraud on 0300 123 2040 or visit http://www.actionfraud.police.uk.

-Ends-

Enquiries

Shellie Wells
Head of Corporate Communications
Phoenix Group
020 3735 0922 / 07872 414 137
shellie.wells@thephoenixgroup.com

Darcy Lillie
Media Relations Consultant
Phoenix Group
020 3735 0102 / 07814 773 280
darcy.lillie@thephoenixgroup.com

Notes to editors

The Phoenix Group is the UK’s largest specialist consolidator of closed life and pension funds with over 5.6 million policyholders and £74 billion of assets held by the Group’s life companies, including the acquired Phoenix Wealth, SunLife and Abbey Life businesses. This figure does not include the Standard Life customers or assets as this deal has not yet completed. The Group employs around 1,300 people split across the Group, with around 600 based at Wythall, its main operating centre.