Why pensions are a scam target

A pension pot often represents someone's largest asset outside property, built up over decades — which makes it an attractive target for fraudsters offering "guaranteed" high returns, early access, or "one-off investment opportunities."

Warning signs

  • Unsolicited contact about your pension — by phone, text, email or in person. Pension cold-calling is illegal in the UK, so any unsolicited call about your pension is itself a red flag.
  • Offers to access your pension before age 55 (57 from 2028) — this is only legitimately possible in narrow circumstances (such as serious ill health), and "early access" offers usually come with severe, undisclosed tax penalties on top of being fraudulent.
  • Pressure to act quickly, or claims that an offer is "time-limited."
  • Guaranteed high returns — genuine investments always carry risk, and no legitimate adviser guarantees specific returns.
  • Unusual, unregulated or overseas investments (storage units, forestry, overseas property, and similar) pitched as pension investments.

How to check if a firm is genuine

Search the Financial Conduct Authority's register to confirm a firm or individual is actually authorised to give pension advice or transact business — and use the phone number listed on the FCA's own website to double-check, not a number the firm gives you, since scammers sometimes set up fake "confirmation" phone lines using a cloned firm's real name.

What to do if you're unsure

Pension Wise, the government's free and impartial pension guidance service, can talk through your options with no sales agenda. If you've already been targeted or suspect fraud, report it to Action Fraud and inform your existing pension provider immediately — they can often flag or delay a suspicious transfer.

Key takeaways

  • Cold-calling about pensions is illegal — treat any unsolicited approach as suspicious.
  • Genuine early access before 55 (57 from 2028) is only possible in narrow, specific circumstances.
  • Always verify a firm independently via the FCA register, using contact details from the FCA's own site.
  • Pension Wise offers free, impartial guidance if you're ever unsure about an offer.