Planning for retirement

Stay safe from scams

Pension scams are a big threat to your future.

As you near retirement, fraudsters may try to lure you in to an illegal transfer. ​And if you fall victim, you could lose all of your pension savings and face a large tax bill on top!   

Scammers’ tactics often include promises of:  

  • early access to your pension (before age 55)
  • investments with ‘guaranteed returns’
  • free pension reviews and health checks
  • pension loans or upfront cash
  • transferring your pension savings into small occupational schemes to avoid scrutiny from regulators
Follow these tips to protect your pension:
  1. Be wary of cold calls and unsolicited texts or emails.
  2. Check advisers are registered by the Financial Conduct Authority (FCA) and study the list of known scams.
  3. Steer clear of overseas ‘investment deals’ and promises of ‘guaranteed returns’.  
  4. Do your homework and don’t be rushed into a decision.
  5. Before signing anything, call The Pensions Advisory Service on 0300 123 2040.

The Pensions Regulator has more advice on how to spot and avoid fraud in its booklet:

If you think you’ve been a victim of a scam, please report it to Action Fraud.
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Watch and learn


See how fraud affects pension scheme members like you