Spotting scams

Pension scams

What is a pension scam?

A pension scam often involves a fraudster targeting someone who has access to their pension and encouraging them to move the funds, which may result in money being lost or unreasonable charges.

Tips on how to spot a pension fee scam

  • Someone offering a way to access your pension before you’ve reached retirement age. Remember, taking your pension early could mean you incur charges.
  • If someone calls you out of the blue offering you an investment scheme with attractive returns for your pension pot, then it’s likely to be a scam.
  • Where you're pressured into making a quick decision about a ‘new’ scheme or encouraged to transfer your pension quickly.

Steps to protect yourself

  1. 01

    If the call is from a company you recognise but you’re not sure if it’s legitimate, put the phone down immediately and find the company’s phone number on their website to ring them directly.

  2. 02

    Don’t give away your financial or personal details over the phone. A legitimate scheme and company will not ask for these.

  3. 03

    Check if the person or company is legitimate by checking with your country's financial regulator as they would have a list of registered firms, individuals and financial institutions.

How to report fraud

If you've been the victim of fraud, please tell us straight away if you've given any details out or think you may be the victim of fraud or a scam.

Other content you might find helpful...

Identity theft

Identity theft is when a fraudster steals your personal information to impersonate you, open accounts, obtain credit or set up businesses.

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Pension scams

A fraudster encouraging someone with access to their pension to move funds, where the money may be lost or unreasonably charged.

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Impersonation fraud

Criminals pretend to be a trusted organisation, may say your account is at risk and ask you to move your money to a ‘safe account’.

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