Be alert to pension scams

STOP! If you’re offered early access to your pension or a transfer to a scheme that seems too good to be true, chances are, it is.

What’s a pension scam?

There are people out there with a variety of tricks up their sleeves to try and hook you into transferring your pension funds into bogus schemes.

This might include:

  • contacting you out of the blue
  • offering free pension reviews and one-off investment opportunities with ‘guaranteed returns’
  • offering you cash upfront
  • speeding up the transfer of money over to the new scheme
  • claiming you can access your pension pot before the age of 55 (57 from 2028)
  • providing no copy documents
  • a professional looking website and convincing marketing material

It’s good to note that well-known companies like Pension Wise or government-back bodies won’t ever phone or text you to offer a pension review.

Take a look at the Financial Conduct Authority’s webpage, Scamsmart to find out if you’ve been offered a scam in the form of an ‘investment deal’.

Don’t be fooled

They may even tell you that the government has asked them to contact you and some of these advisers or their firms can be Financial Conduct Authority regulated, always double check before you sign a thing – use the contact details below if you are unsure.

You can lose a lifetime’s worth of saving. So stop and ask yourself:

“Could this be too good to be true?”

You can check if an adviser is registered by the Financial Conduct Authority by visiting their website at

Want to know more about pension scams?

Call The Pensions Advisory Service on 0800 011 3797 or visit

If you have already been approached and signed a contract, call Action Fraud on 0300 123 2040.

Getting in touch with your pension provider in time might also prevent any unwanted transfer from going out.

You can find more about how to protect yourself from scammers on The Pensions Regulator’s website.

Watch a video highlighting the devastating consequences for scam victims, and how to safeguard your savings against typical scammer tactics.

Plus read a booklet on avoiding pension scams in five steps from Pension Wise, Action Fraud and The Pensions Advisory Service.

Read the booklet on avoiding pension scams .pdf