Pension Scams: How To Protect Your Retirement Savings
What you'll learn: why pension scams are so damaging, the one legal fact that exposes most of them instantly, and where to get free, genuine guidance instead.
Software for Seniors
8/15/20262 min read
A Scam That Targets A Lifetime Of Saving
Most scams aim for whatever cash is easily available. Pension scams aim higher — at savings built up over an entire working life, often the single largest amount of money someone will ever have in one place. New research from retirement specialist Standard Life, published this week, found that while 62% of UK adults believe they'd recognise a pension scam, most people tested actually missed the most common warning signs.
The average loss to a pension scam is around £47,000. Because pensions are long-term, fixed investments, victims often don't discover the fraud for months or even years — by which point there's little chance of getting the money back.
The One Fact That Exposes Almost Every Pension Scam
Cold calling about pensions has been illegal in the UK since January 2019. That covers unsolicited calls offering a "free pension review," a way to access your pension before age 55, or an investment opportunity with guaranteed returns.
If the call was unexpected and it's about your pension, the call itself is against the law — regardless of how professional, friendly, or official the person sounds.
Common Warning Signs
An unexpected call, text, or email about your pension, especially one offering a "free review"
Pressure to make a decision quickly, or claims that an offer is only available today
Promises of guaranteed high returns — genuine investments never guarantee returns
Offers to help you access your pension before age 55, which is against pension rules in almost all circumstances and can trigger heavy tax penalties
Being asked to keep the opportunity secret from family or a financial adviser
How To Check If A Pension Caller Or Company Is Genuine
Never use a phone number or website link the caller gives you — look up the company yourself
Search the Financial Conduct Authority's register at register.fca.org.uk to check if a firm or adviser is genuinely authorised
Call the FCA consumer helpline directly on 0800 111 6768 if you're unsure
Take your time — a genuine adviser will never rush you into a decision
Where To Get Free, Impartial Help Instead
Pension Wise is a free, government-backed guidance service for anyone 50 or over with a pension. You can book a phone or video appointment with a specialist who has nothing to sell you. It's a safe, sensible first step before making any pension decision, and a good way to check anything a cold caller has told you. Search 'Pension Wise' or call MoneyHelper on 0800 011 3797.
If You Think You've Already Been Targeted
Contact your pension provider immediately, and report the scam to Action Fraud on 0300 123 2040 or at actionfraud.police.uk. The sooner it's reported, the better the chance of limiting any damage and helping stop the same scammers reaching someone else.
For more guides to staying safe with your money and your technology, visit softwareforseniors.co.uk.
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