Pension scams

A pension scam is the transfer of your pension to an arrangement which may not be acting in your best interest. 

Scammers know that you can access your savings in many ways and will try to lure you with promises of cash up front, one-off deals with guaranteed returns or access to your pension savings before age 55. Accessing your pension before age 55 is only possible in rare cases such as ill-health and doing so otherwise is fraudulent.

Those targeted are usually misled as to the consequences of their actions, such as serious tax charges and penalties that may be more than half of your pension savings, high charges for entering the new scheme and high-risk investments for the savings they receive.

Protect yourself against pension scams

Watch the video below for tips on how you can protect your pension:



For more information and where to go to for help, read the Pension Regulator’s and FCA’s Scam Smart guide.

Useful websites

  • FCA Scam Smart – Check a pension opportunity and get more tips to protect your pension.
  • FCA Register – Find out if the firm you’re dealing with is registered with the FCA and you’ve got the right contact details.
  • The Pension Advisory Service – Pension Scams – Get more tips and use their online tool to help you identify a scam.
  • Action Fraud – Report a scam and protect others from being victims.
  • Pension Wise - Free and impartial government guidance about any defined contribution pension savings you may have in other pension arrangements.
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