How to spot and avoid pension scams

Learn how to protect your retirement savings from fraud and report suspicious activity.

What is a pension scam?

Pension scammers are experts in persuading people to transfer their pension funds into a bogus scheme. The scam will seem like a good offer. It can look completely genuine, with professional, friendly-sounding people behind it. Pension scammers can be very convincing – even experienced savers can be caught out. In fact, scams are more common than many people realise – Action Fraud reported that around £48,000 a day was lost to pension fraud in 2024. 

Recognise the warning signs

Anyone, regardless of age or background, can become a victim. It might start with a phone call, but nowadays scams often originate online, through social media or emails.  

The target may be an individual, or a cluster of people, such as a group of friends or family. The scammers might appear to be an ‘above board’ company, with an admin team, professional-looking information packs and different options to choose from.  

How to spot pension scams

Don’t get caught out – here are the common warning signs to watch for: 

  • They contact you out of the blue. 
  • They say they are part of Pension Wise or another government scheme. They may claim to be regulated by an official body such as the Financial Conduct Authority (FCA). Well-known companies or government-backed bodies won’t phone or text you without having your permission to do so. 
  • You’re offered a ‘free pension review’ and investment opportunities with ‘guaranteed’ or higher returns. 
  • They don’t ask for money straight away. They might even offer you some money upfront, ‘cashback’, or a loan.  
  • They pressure you into making decisions. They may try to speed up the transfer of money to the new scheme.  
  • They say you can access your pension pot before the age of 55 (57 from 2028). Or they say there are ‘loopholes’ that let you get more than the usual 25% tax-free cash. 
  • They don’t provide scheme documents. 
  • They have a professional-looking website and marketing material, but the content appears unclear or misleading. 

How to avoid pension scams 

  1. Ask yourself, is this offer unexpected? If so, it’s right to be suspicious. 
  2. Check the company – use the FCA Firm Checker. If they’re not listed, or if all the details don’t match, stop. 
  3. Are you feeling rushed at all? No reputable organisation would pressure you. 
  4. Want to talk to someone trustworthy? Get impartial guidance from MoneyHelper – call 0800 011 3797 or have a chat online through the MoneyHelper website. 
  5. Don’t sign anything until you’ve double-checked the details. It’s worth taking the time to verify everything – it could protect your savings. 
  6. Consider protecting yourself and your loved ones by downloading the Steps To Stay Scam Safe leaflet and keeping it somewhere visible. 


Who to contact if you’re worried

If you think something might already have happened, don’t panic – but act quickly by contacting  Action Fraud online or by phone on 0300 123 2040 (England, Northern Ireland or Wales). In Scotland, call Police Scotland on 101 or Advice Direct Scotland on 0808 164 6000. 

Get in touch with your pension provider. Making contact as soon as you’re worried could help prevent unwanted transfers.  

Other useful information

ScamSmart from the FCA is a tool designed to help everyone avoid investment and pension fraud. It details different types of scam messages or fake communications. 

MoneyHelper’s page on how to spot a pension scam explains the risks around putting your pension money into ‘investment opportunities’ and how to protect yourself from cybercrime.