TPR warning about pension scams
TPR issues a warning about pension scams
The Pensions Regulator (TPR) has issued a warning about fraudsters claiming to be from the TPR in order to steal pension savings. Read the full press release.
If you are no longer paying into the LGPS then you can choose to transfer your LGPS benefits to another pension scheme at any time up to a year before your normal pension age, as long as certain conditions are met. More information about the qualifying conditions will be sent to you if you request information about a possible transfer.
Before making any decision about transferring your pension benefits out of the LGPS you must read the guidance issued by the TPR and the Financial Conduct Authority (FCA) on how to spot a pension scam and what to do if you suspect a scam. Read the TPR Scamsmart guide (pdf).
Transferring your LGPS pension is an important decision that could have a significant effect on your income in retirement. You should consider seeking independent financial advice before making a final and irreversible decision about a pension transfer. If the transfer payment would be £30,000 or more then you will be required to seek advice from a suitably qualified adviser before a transfer payment can be made.
Further information from the FCA on how to spot pension scams.
FCA guide on how to choose a suitably qualified adviser.