Frauds and scams

Criminals may try to persuade people into moving their pension to an account that the criminal controls. They might pretend to be from another pension provider – either by mimicking one that really exists or by making one up. They can even produce convincing-looking websites, emails and brochures to back it up.

They often try to lure people into moving their pension by promising them an investment opportunity with excessively high or guaranteed returns, or access to their pension early or tax free. All of these are massive warning signs. It’s generally not possible to access a pension before age 55, or to take all of it tax free. Anyone who tells you that this is possible is likely to be a scammer.

Pension scammers can be tricky to spot, but knowing the red flags can make all the difference in protecting your hard-earned savings.

• Cold calls, out of the blue: Unsolicited calls, texts or emails could be from a scammer.
• Pressure to act fast: Pushy tactics, including limited time offers or couriered paperwork, should signal alarm bells.
• Too-good-to-be-true promises: High returns, overseas investments, or risk-free guarantees are big red flags.
• ‘Click’ to crisis: Many scams start online. Avoid downloading unfamiliar attachments and clicking on links in emails – instead, search for the page yourself.
• Verify before sharing your personal information: We will never ask for sensitive information such as your passwords or bank details.
• Unexpected pension reviews: Free reviews or open ‘investment opportunities’ are likely too good to be true.
• Early cash release: Unless you’re 55 or older, you can’t generally access your pension. Offers to access funds early aren’t just likely to be scams, but they can come with heavy tax penalties too.
• Fake firms: Before engaging with any financial firm, make sure that the company exists on Companies House and check the FCA register to see if they’re regulated.