Pension scams

How to keep safe

Pension scams

Pension scams, also known as ‘pension loans’ and ‘pension liberation’, are scams that try to get you to move your pension pot to another plan. Fraudsters lure people by offering them early access to funds. Early access to your pension savings can lead to tax charges and huge penalties. Once you’ve paid the fees and taxes, any pension savings left might be put into high risk investments or stolen outright. In reality, accessing pension savings before your minimum pension age is only allowed in rare cases, like terminal illness.

 

  • Unexpected calls, emails or texts
  • Claims that a pension can be accessed or ‘unlocked’ before retirement age
  • Claims that there is a tax or legal loophole
  • Pressure to make a quick decision
  • Transfer of funds overseas.
  • Never give out financial or personal information to a cold caller
  • Never be rushed into agreeing to a pension transfer
  • Ask for a statement showing how your pension will be paid at retirement, and question who will look after your money until then
  • Check that the company (and any advisers) are registered with the appropriate regulatory authority (for example, the Central Bank of Ireland or the Financial Conduct Authority in the UK)
  • Get independent advice.

Please get in touch with us if you:

  • shared your online login, card or banking details in response to a suspicious call, text or email;
  • believe your card has been lost or stolen (top tip – if you think you might have just misplaced your card, you can temporarily freeze/unfreeze it via the app or 365 online);
  • notice suspicious activity or unauthorised transactions on your account;
  • need to report online or ATM fraud.

Emergency Contact Numbers

Available 24 hours 7 days a week

Republic of Ireland

Freephone: 1800 946 764 (personal and business)

Great Britain & Northern Ireland

Freephone: 0800 121 7790 (personal and business)

Everywhere outside Republic of Ireland, Great Britain & Northern Ireland

Not Freephone + 353 1 679 8993
Not Freephone + 353 56 775 7007 (Lost/Stolen cards or smart device)

Report a suspicious email or text

To report suspicious Bank of Ireland related emails or texts (both personal and business customers), send the suspicious email or text to 365security@boi.com or fill out our report fraud form