Financial support
At a glance
It is important to make informed decisions about your pension. If you aren’t sure what options are right for you, take advice from trusted, regulated sources and be alert to scams.
Qualified help
Finding financial advice
Getting professional advice can give you confidence when making decisions about your pension. The key is choosing someone qualified, independent and experienced with schemes like the police pension scheme.
Here’s what to look for:
- FCA authorisation
Make sure the adviser is listed on the financial conduct authority (FCA) register, which contains a list of companies authorised to deal with financial services. - Experience with public sector pensions
Police pensions are different from other pension schemes. Look for advisers who understand public sector pensions or have experience with the police pension scheme. - Transparent fees
Make sure you understand the charges – a good adviser will be clear about what things will cost.
Be aware
Scams
Scammers are targeting pensions – if you are approached unexpectedly to discuss your pension you should always check you are happy with who you are dealing with. Usually if it sounds too good to be true, it is.
What to look out for
- Cold calls, unexpected emails or messages about your pension
- Pressure to act quickly
- Promises of high or guaranteed returns
- Offers to unlock your pension early
- Unregulated advisers or companies
- Confusing or vague paperwork
- Unusual payment methods such as gift cards, wire transfers or cryptocurrency
If you have any concerns, double check who you are dealing with before sharing any information.
The pension scams action group is a multi-agency taskforce of law enforcement, government and industry working together to tackle pension fraud. They have produced a checklist to go through if you are ever approached about your pension.
Where to get help
Useful contacts
MoneyHelper
A Government-backed service that offers free impartial advice about money. MoneyHelper is part of the money and pension service.
Unbiased
For help with finding a registered, regulated financial adviser.
Pension Tracing Service
Find details of old pensions you may have lost track of.
https://www.gov.uk/find-pension-contact-details
Pensions Ombudsman
An independent organisation designed to help with complaints about pensions.