Pension Scams

Sadly pension savers in the UK are being increasingly targeted by scammers. Pension scams can be sophisticated and difficult to tell apart from the real thing. For specific guidance on scams, please visit the Financial Conduct Authority's (FCA's) Pension Scams webpage, and the Pension Regulator's 'Avoid and Report Scams' webpage.

Scammers usually contact people out of the blue, if you are contacted by anyone and you haven't asked them to get in touch, then that is almost certainly a scam. Cold calling about pensions is illegal in the UK.

Scammers will often contact savers offering free reviews, returns that are guaranteed or higher than you would expect, the ability to release your pension as cash, or different and unusual investments. If you are the victim of a scam you will lose all of your savings and not be able to get them back. You may also face significant tax charges if your pension savings are accessed in an unauthorised way.

Pension providers and administrators are required to carry out checks on certain pension transfers to help protect members from scams. In some cases, transfers may be paused or refused where scam risk indicators are identified. Guidance on how the industry conducts these checks can be found on the Pensions Regulator's webpages.

If you want to check whether any Adviser or company that you are dealing with is authorised to provide that service, check the FCA Register.

If you believe you may already have been contacted by a scam, report this to Action Fraud, or the Financial Conduct Authority (FCA). If you are not sure and want some further guidance, then you should contact MoneyHelper. 

Additional Information

The FCA has published a ScamSmart leaflet to give further information on scams and how to spot them.

MoneyHelper provides guidance on how to spot, avoid and report scams, including access to further support and helplines.