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Scams & your money · UK guide

Pension scams: spot them before they cost you everything.

Last verified 21 Jun 2026 · Source FCA + MoneyHelper + The Pensions Regulator

A pension scam can wipe out a lifetime of savings in a single transfer — and the money is almost impossible to get back. The good news: the warning signs are clear. Cold-calling about pensions is banned, a “free pension review” from a firm you don’t know is almost always a scam, and anyone offering to release cash before age 55 is dangerous. Here’s how to protect your pot.

Cold call = scamPension cold-calls are banned
Before 55?Almost always a scam
FCA checkBefore you transfer
£0Free guidance & checks
The warning signs → Check a scam

The warning signs

Treat any of these as a red flag — and the more that appear together, the more dangerous it is:

  • Unexpected contact — a call, text, email, social-media message or even a knock at the door about your pension. Pension cold-calling is banned, so an out-of-the-blue pension call is itself a warning sign.
  • A “free pension review” from a firm you’ve never dealt with — a classic hook.
  • Guaranteed or unusually high returns, or “too good to miss” investments.
  • Unusual, “exclusive” or overseas investments — often unregulated and high risk.
  • Pressure to act fast — “limited time”, a courier to rush paperwork, “sign today”.
  • Any offer to access your pension before age 55 (“pension liberation”) — almost always a scam, and it can trigger huge tax charges.
Why it’s so damaging

Taking money out of a pension before 55 can mean a tax charge of more than half its value; scammers typically take large fees on top; and what’s left is often moved into high-risk or worthless investments. The money is very hard to recover — so the whole game is checking before you act.

How to check before you move a penny

  1. Reject unexpected offers. Hang up on pension cold calls; don’t click links in unsolicited texts/emails or respond to social-media ads.
  2. Check the FCA Register. Make sure the firm and the adviser are FCA-authorised to give pension advice — search the register at fca.org.uk.
  3. Use FCA ScamSmart + the Warning List. Check the offer and firm against the FCA’s ScamSmart tool and Warning List, and watch for “clone” firms that copy a real firm’s name and details.
  4. Get free, impartial guidance first. Use MoneyHelper / Pension Wise (free, government-backed) before any transfer. For a defined-benefit (final salary) transfer you must normally take regulated advice.
  5. Take your time. A genuine firm will never rush you. If you feel pressured, that’s your answer.
Golden rule

If you didn’t go looking for it, don’t trust it. No legitimate pension provider cold-calls you, offers a “free review” out of the blue, or helps you unlock cash before 55. When in doubt, stop and check with MoneyHelper.

If you’ve been targeted or caught

  • Suspect a scam? Report it to the FCA (0800 111 6768 / fca.org.uk) and to Action Fraud on 0300 123 2040 (Police Scotland: 101). Reporting helps protect others even if you didn’t lose money.
  • Already started a transfer? Contact your pension provider immediately — they may be able to pause it — and get free help from MoneyHelper.
  • Forward scam texts to 7726 and report scam emails to report@phishing.gov.uk.
  • Check whether the firm/adviser is FCA-authorised — if a regulated firm gave you bad advice, you may have recourse via the Financial Ombudsman or the FSCS.
Do this now
  1. If someone’s contacted you about your pension out of the blue — stop, don’t sign anything, and don’t share details.
  2. Check the FCA Register + ScamSmart and get free guidance from MoneyHelper before any transfer.
  3. Report it to the FCA and Action Fraud 0300 123 2040 — and your provider if you’ve already started a transfer.

Free help: MoneyHelper / Pension Wise · FCA 0800 111 6768 · Action Fraud 0300 123 2040. This is general information, not financial advice — SortedUK is not FCA-regulated.

Source verification Primary sources: the Financial Conduct Authority (FCA) (pension scams + ScamSmart), MoneyHelper (how to spot a pension scam) and The Pensions Regulator. Last verified 21 June 2026. Confidence: High — pension cold-calling is banned; the recognised red flags are unexpected contact, “free pension reviews”, guaranteed/unusually-high returns, high-pressure tactics, unusual/unregulated investments and offers to access a pension before 55; you should check the FCA Register, ScamSmart and Warning List (and beware clone firms) and get free MoneyHelper/Pension Wise guidance before transferring; report to the FCA and Action Fraud. Accessing a pension before 55 can incur tax charges over half its value. SortedUK is independent and not FCA-regulated — this is general information, not financial advice. Get regulated advice for your own pension decisions.

Pension scams — common questions

Someone called offering a free pension review — is it real?

Almost certainly not. Pension cold-calling is banned, and a “free review” from a firm you didn’t approach is a classic scam hook. Hang up, and never share your pension details or agree to a transfer on the call.

Can I really not access my pension before 55?

Other than in very limited circumstances (such as serious ill health), no — and the normal minimum age is rising to 57 from 2028. Anyone promising to “unlock” or “liberate” your pension early is offering something that will likely trigger a tax charge of over half its value, plus their fees. It’s a scam.

How do I know an adviser is genuine?

Check the FCA Register that the firm and adviser are authorised to give pension advice, use FCA ScamSmart, and watch for clone firms copying a real firm’s details (always use the contact details on the FCA Register, not ones the caller gives you).

I think I've already been scammed — what now?

Act fast: contact your pension provider to try to stop the transfer, report to the FCA and Action Fraud 0300 123 2040, and get free help from MoneyHelper. If a regulated firm advised you, you may have recourse via the Financial Ombudsman or FSCS.

Your pension is worth protecting. Check first.

If you didn’t go looking for it, don’t trust it. Check the FCA Register, get free MoneyHelper guidance, and never be rushed. Unsure about something you’ve been sent?

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