Be aware of pension scams
The end goal of scammers is to persuade you to transfer your pension savings to a place where they can get their hands on your cash. They do not care who you are or that their scam could ruin your life, so be alert to the warning signs.
Be wary of companies that contact you without notice, it could be a cold call, email or text, no matter how trustworthy or official they seem. Remember, do not be rushed or pressured into making any decisions about your pension.
Once a scammer has your money, it can be impossible to get it back. So, avoiding the scam entirely is your best form of defence against such threats.
In 2024, losses from pension fraud totalled £17.5m, with an average loss of approximately £34,000 per individual.
(Source: The Pensions Regulator)
Some things to watch out for
If you’re contacted about a pension opportunity unexpectedly, it could be a scam. Pension cold calling is illegal, and you should be very wary if you are approached out of the blue. An offer of a free pension review from a firm you’ve not dealt with before is a warning sign of a scam.
What to do
If you think you’ve been targeted by pension scammers, report it to Report Fraud. For tips on how to stay a step ahead of fraudsters visit the Stop! Think Fraud website and read the Steps to stay scam safe leaflet.
We recommend that you seek authorised financial advice before making any pension decisions. Visit our guidance and financial advice page for more detail.
You could also check out MoneyHelper, the government-backed service that provides free, independent and impartial information and guidance.
Published: 12 August 2026