Beware of scams
We want to help protect you from scams. Sadly, they are on the rise and many people are being contacted by sophisticated fraudsters specifically regarding pensions, bank accounts and security details. If anyone contacts you out of the blue asking for these details, there is a high chance that it is a scam.
Please be aware that scams are not limited to pension arrangements. Fraudsters operate in all areas of investments.
Some scammers may pretend to be phoning from Rothesay or on our behalf
The ‘Rothesay will’ and ‘Rothesay will not’ lists below may help protect you and avoid giving important personal data to a scammer.
- Always use Rothesay branding on all written and electronic communications
- Always go through security checks to make sure we are talking to the right person both when you call us and when we call you
- Encourage you to call our Customer Service Team if you are not sure it is us who called you
- Provide a written response to any query about your pension if you ask for one
- Provide you with details of other organisations that may be able to help you
- Process your data as set out in our policyholder privacy notice
- Follow regulations and industry best practice if you contact us to transfer the value of your benefits to another pension arrangement
Rothesay will not:
- Call you out of the blue - unless we no longer hold a valid address or email for you and are trying to get back in touch so we can pay your pension
- Ask for your full bank account details over the phone
- Ask you to give your personal information to third parties other than our pension administration partners as set out in our policyholder privacy notice
If you are unsure - contact us.
If you do not have the contact details to hand of the Rothesay team administering your policy, please use the search bar on our contact page:
If you think you have been scammed
Call Action Fraud on 0300 123 2040
Avoiding scams - some things to look out for
Free pension reviews - You should only review your pension options with a financial adviser authorised by the Financial Conduct Authority. You can check an adviser’s status via the Financial Services Register
Higher returns - guarantees you get better returns on your pension savings
Help to release cash from your pension - especially if you have not reached your Minimum Pension Age (MPA). For most people their MPA will increase from 55 to 57 in 2028
High-pressure sales tactics - The scammers may try to pressure you with ‘time-limited offers’ or even send a courier to your door to wait while you sign documents
More things to look out for
Unusual investments – which tend to be unregulated and high risk, and may be difficult to sell if you need access to your money
Complicated structures - it isn't clear where your money will end up
Complex arrangements - there are several parties involved (some of which may be based overseas) all taking a fee, which means the total amount deducted from your pension is significant
Long-term pension investments - could be several years before you realise something is wrong
Scammers can use fraudulent websites, which look genuine and very similar to legitimate ones, to capture your data. If you are entering a website address manually into your browser, please type it carefully.
Help and guidance from the Financial Conduct Authority (FCA)
The FCA's ScamSmart website
ScamSmart is a FCA campaign providing information on how to avoid investment and pension scams.
Check a financial adviser is authorised by the FCA
You can check the FCA's Financial Services Register (FS Register) to make sure a firm or individual is authorised.