It would be reassuring if the recent EastEnders storyline about a pension scam were just a fictional plotline but unfortunately, scams like this happen in real life every day. Did you know that in 2023 there were 559 reports of pension fraud in total and £17,750,635 lost with an average loss of £46,959 per person? And have you considered how easily your hard-earned savings could be at risk?
In the latest gripping drama on BBC’s EastEnders, popular character Jean Slater, aged 61, becomes the target of a cruel pension scam. Persuaded to transfer her pension into a high-return investment after participating in a “free pension review” Jean is eventually scammed and she now faces the heart-wrenching consequences of losing her savings.
This storyline has caught the attention of The Pensions Regulator (TPR), who, alongside other organisations, collaborated with the EastEnders writers to bring awareness to the real-world dangers of pension fraud. The partnership aims to educate viewers about the manipulative tactics that fraudsters use to exploit the vulnerable.
How members can protect themselves and their savings
Here are some crucial steps that pension scheme members can use to protect themselves from pension scams:
Stop and think: If you receive an unexpected call, email or text about your pension, don’t rush into a decision. Reject the offer and take time to consider your options.
Check the source: Always verify who you are dealing with by checking the FCA’s register of authorised firms and advisers.
Look for red flags: Be cautious of offers of “guaranteed high returns” or “free pension reviews” that seem too good to be true.
Report suspicious activity: If you suspect you’ve been targeted by a scam, report it immediately to Action Fraud online or by calling 0300 123 2040. In Scotland, report to Police by calling 101.
What can you do?
As a viewer of EastEnders or a member of the public, you have a vital role to play in protecting yourself and others from pension scams. Take the time to stay informed, report suspicious activity and encourage your friends and family to do the same. The more proactive we all are in spotting and reporting pension fraud, the safer we will be in securing our financial futures.