3. Pension scams
Sadly, the coronavirus has sparked an increase in fraudulent activity. Pension scammers are using the crisis to prey on people’s fears and isolation, by offering to transfer pension savings into supposed 'safe havens'.
If you are approached about transferring your BTPS benefits, please exercise extreme caution. The Financial Conduct Authority’s ScamSmart website includes general help around protecting yourself from potential scams, and specific guidance relating to the coronavirus (COVID-19).
The Money and Pensions Service website (moneyandpensionsservice.org.uk) also contains useful information about how the current economic conditions may impact pensions or other investments.