The UK’s largest consolidator of closed life and pension funds, Phoenix Group, reported it has prevented 1,393 pension scam transfers with a totalling value of £29.14m since April 2013, according to their internal data. The Group has been vigilant at warning their policy holders and the industry of the evolving methods of fraudsters and potential fraudulent activity.

Shellie Wells, Head of Corporate Communications at Phoenix, says “Since April 2013, Phoenix has prevented 1,393 pension scam transfers, with a value of £29.14m. We are seeing that fraudsters are getting smarter and use a myriad of methods to reach and trick their victims”.

“People need to be vigilant, particularly when sharing personal information and data, and contact their pension provider if they have any doubt. The Government’s potential ban on cold calling, which has been put on hold due to the General Election, should be a high priority, but if it is to tackle fraud effectively Phoenix believes that it should be extended to include all forms of communications including email and text messaging.”

Phoenix reiterates the following tips to consumers to avoid being 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 indicator of suspicious activity.
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. 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.
5. 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/
6. 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 provider who can add additional security levels to provide further protection.
7. To report suspected fraud, you can call Action Fraud on 0300 123 2040 or visit http://www.actionfraud.police.uk. If you have queries about your pension, 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.

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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

Phoenix Group is the UK’s largest specialist consolidator of closed life funds with over 6.1 million policyholders and £76 billion of assets held by the Group’s life companies, including the acquired Abbey Life, AXA Wealth and SunLife businesses. The Group employs around 1,300 people split across the Group, with around 600 based at Wythall, its main operating centre.