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  • Pension Fraud

    Topics:
    • Working in the Northern Ireland Civil Service, 
    • FAQs and information for NICS Pension Schemes Members

    Your pension is often your largest and most valuable financial asset, which makes it an attractive target for scams and fraud. This page explains what pension fraud is, how to identify it and ways you can avoid it.

    2015 Remedy (McCloud) Pension Scams

    We have been notified that 3rd party organisations are contacting members of public pension schemes, such as ours, selling their help in claiming 2015 Remedy (McCloud Benefits). Please note, you do not need to go through a third party to claim these benefits the Northern Ireland Civil Service Pension Scheme will not request a fee for providing this information.

    This is a reminder to please stay vigilant. We would encourage all members to read the information below which offers helpful guidance on how to identify and avoid these pension scams. If you are still unsure or have any concerns, please contact us for clarification

    What is Pension Fraud?

    It's when scammers target pension scheme members and try to persuade them to transfer some or all of their pension savings by making false promises and attractive sounding offers. The money is then transferred into non-existent schemes, stolen outright or invested into unusual high-risk investments.

    How to identify pension fraud

    Pension scams can be difficult to spot - scammers often appear articulate and financially knowledgeable with websites, testimonials and materials that look credible and are hard to distinguish from genuine pension schemes.

    Anyone can fall victim to a pension scam, so it's important to spot the warning signs:

    • Cold calls - cold calling about pensions is illegal. Since the cold-call ban was introduced in 2019, scammers’ tactics have evolved too. They can make contact through social media by using friends or family to reach clusters of people.
    • ‘Free pension review’ offers - professional advice on pensions is not free. A free offer out of the blue is likely to be a scam
    • Guarantees of better returns on savings
    • Help to release cash from a pension before age 55 - with no mention of the HMRC tax bill that can arise if you do this
    • Pressure sales tactics - such as ‘time limited offers’ or using couriers to send documents, who wait until they're signed
    • Unusual high-risk investments - which tend to be overseas, unregulated and with no consumer protections
    • Complicated investment structures - usually with several parties involved
    • Remote access - asking you to download software so they can access your device remotely
    • Long-term pension investments - which can often mean there is no sign of anything being wrong for several years, by which time it could be too late

    If we suspect fraud is taking place, we will not action any request for transfers.

    How to avoid pension fraud

    1.Reject unexpected offers

    Whether they're made online or over the phone. If it's a cold call, hang up immediately and report it to the Information Commissioner's Office. Cold-calling about pensions is illegal.

    2.Check everything yourself

    Don't be talked into something by someone you know - even if it's a friend or a family member - they could be getting scammed. Make sure to check everything yourself.

    3.Confirm who you're dealing with before changing your pension arrangements

    Check the Financial Services Register to ensure that anyone offering you advice is authorised by the Financial Conduct Authority (FCA), and that they're permitted to provide you with those services.

    You can also check the FCA warning list to find out if there are any risks associated with a potential pension or investment opportunity. This will show you if the firm is known to be operating without FCA authorisation.

    4.Don't be rushed or pressured

    Take your time to make all the checks you need, even if it means turning down an 'amazing deal'. Be wary of promised returns that sound too good to be true, and don't be rushed or pressured into making a decision with 'time-limited' offers.

    5.Consider getting impartial advice, if you can

    If you can, please seriously consider seeking financial advice before changing your pension arrangements. There are two ways you can do this:

    • MoneyHelper provides free independent and impartial information and guidance
    • A financial advisor can help you make the best decision for your personal circumstances. Just make sure they are regulated by the Financial Conduct Authority (never take advice from the company that contacted you - this may be part of the scam)

    If you think you've been a victim of pension fraud

    Report it to the FCA. You should also contact Action Fraud. Visit ScamSmart to find out more.

    If you’ve already agreed to transfer your money and now suspect a scam, you should contact your pension provider straight away.

    Related content

    • 2015 Remedy Regulations
    • Active Member Frequently Asked Questions (FAQs)
    • Added Pension - Limits and Deadlines
    • alpha moving dates
    • Annual Benefit Statements - FAQs
    • Benefits of the Northern Ireland Civil Service Pension Scheme
    • Deferred Members Frequently Asked Questions (FAQs)
    • Employee Contribution Rates
    • Employee Pension Notices
    • Exceptions to the Transfer Ban - Additional Q&A - April 2015
    • General information for pensioners
    • Immediate Choice Remediable Service Statement (RSS) Frequently Asked Questions (FAQs)
    • Important information about transfer restrictions before 6 April 2015
    • Important information about transfer restrictions from 6 April 2015
    • List of NICS Employers
    • McCloud Judgment and Remedy FAQs
    • McCloud Judgment and Remedy FAQs - Remedy PSS
    • McCloud Judgment and Remedy FAQs - Tax
    • National Fraud Initiative
    • Partial Retirement
    • Pension payment details
    • Pension Savings Statement and Pension Taxation Frequently Asked Questions (FAQs)
    • Pension Savings Statements
    • Pensioners Frequently Asked Questions (FAQs)
    • Pensions and tax
    • Pensions Information Sessions
    • Remedy Pension Savings Statement (Remedy PSS)
    • Retirement Lump Sums
    • Scheme Pays
    • Stakeholder pensions
    • Suspension of Cash Equivalent Transfer Values (CETV) calculations
    • Transfers
    • Voluntary deductions
    • Which NICS pension scheme am I in?
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