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Pension scams

Don't be tricked out of your pension. We've included 10 suggestions to help you spot the warning signs and protect your pension.

Protect yourself from pension scams

Pension scams are common, so it is important that you are vigilant and keep your membership information safe.

Here are 10 tips to help you spot the warning signs of a scam and protect your pension

Reject the unexpected

Always reject any unexpected calls, emails, texts or social media approaches about pensions.

A government ban on cold calling regarding pensions came into force in January 2019. So, if you receive any unsolicited marketing calls about your pension, you should hang up.

Ignore ‘free pension reviews’

Be very wary if you're offered a free pension review or advice by anyone.

Do your own research

Research into who is offering you financial advice. Check the FCA register to make sure they're authorised by the Financial Conduct Authority (FCA) and have permission from the FCA to give you financial advice.

Be aware of pretenders

Sometimes scammers may pretend to be from a firm authorised by the FCA, so you should always use the contact details provided on the FCA register - not the details they give you.

Scrutinise websites, even if they look good

Don't be fooled by slick-looking brochures and websites - anyone can pay for a professional-looking one. Check all the contact details and accreditation you see there. If there are none, then it's probably a scam.

Don't be rushed!

Never allow yourself to be rushed into a decision. Take your time to make all the checks you need - even if this means turning down an 'amazing deal'.

Look to your pension provider for transfer information

Scammers may tell you that your current pension scheme will try to stop you transferring out, suggesting they just want to keep your money. This is not the case. If your scheme administrator, Railpen, suspects a scam, we have a legal obligation to try to protect your funds. You can read more on the transferring your pension page.

Don’t trust an adviser who contacts you out of the blue

Don't take financial advice from a company that has contacted you out of the blue. We’re aware that some companies are proactively contacting members, and would recommend you think carefully before speaking with them. You should never use an adviser they suggest, as this may be part of the scam. Similarly, if you're on the phone, a scammer may suggest you 'call someone else' to gain your trust. But the scammer doesn't close the line. You may think you're on a new call speaking to a trusted adviser, when in fact you're still speaking to a scammer.

Check the contact details

If someone has approached you claiming to be from a well-known organisation, check that their contact details match exactly with any letters you’ve received. You could also contact the company directly, using their contact details from their official website.

- Contact numbers and text messages

Scammers are clever, and they can make their contact numbers look like ones you would usually trust.

A scammer’s message might even appear in a conversation with legitimate texts you’ve already received. If you’re suspicious, avoid clicking links in text messages.

Check who you’re speaking to by contacting the company directly. Don’t use the numbers or address in the message, use the details from their official app or website.

- Email addresses

If you get an email, double check the email address details to see exactly who it has come from. While it might seem legitimate, if it’s a scam, the email address the message has come from might not match up with the sender’s name.

Other tell-tale signs to look out for are:

  • Spelling errors
  • Poor grammar
  • Random numbers in email addresses
  • Asking for PIN numbers or passwords, a legitimate company will never ask you for these details
  • Random competitions, which you may not remember entering
Take FCA-regulated advice

Always get impartial information and FCA-regulated advice before you take any action with your pension.

You can find more information on the guidance and advice page.

Protect your pension from scams

You can learn more about the dangers of scams and the impact they can have in this video from The Pension’s Regulator, then read on below for ways to protect yourself.

In the video, pension saver Pauline shares her story of how scammers stole her £45k pension fund.

Watch Pauline’s experience to find out more about her story and learn about warning signs to look out for.

Keep your Fund details safe

Pension scams are common, so it is important that you are vigilant and keep your membership information safe.

It is highly unlikely that we will contact you by phone, unless you have an ongoing query or case. We will also never ask for security information, such as your myFund login details.

Make sure you check the reason for any call you get about your pension, and feel confident it is legitimate before giving any personal information.

If something doesn’t seem right you can always get in touch with the scheme administrator, Railpen, to check.

If you have registered for a myFund account, it is also really important that you do not share your login details with anyone. If you think your details have been compromised, you can login and change your password at any time.

Anyone could be targeted by a pension scam

  • Pension scams are increasing and they’re getting harder to spot!
  • Figures released by the Pensions Management Institute (PMI) show that over £26 million was lost to pension scams between 2020 and 2022. During the same time, 1,595 pension scams were reported in England and Wales.
  • Pension scammers can be smart, pleasant, charming and financially knowledgeable.
  • Anyone can be scammed, no matter how financially savvy you think you are, so it’s very important that you can spot the warning signs and know how to protect yourself.
  • Someone else might notice the signs of a scam before you do. It’s a good idea to talk about your finances with friends, family – or experts if necessary - even if you’ve been asked to keep quiet.
  • Once the money is gone, it’s almost impossible to get it back, so you MUST be vigilant!

Where to find more information or report a pension scam

For more information about pension scams visit fca.org.uk/scamsmart or check out The Pensions Regulator's poster on how to stay safe from scams.

You can also visit MoneyHelper.org.uk for free pensions guidance and information, or contact the experts on the  guidance and advice page.

At MoneyFit, you can learn more about pension scams, including what to do if you have been a victim of a scam, and where to go for more support if you need it. MoneyFit can also help with your financial wellness, and managing your money beyond your pension. 

If you’re looking for financial advice, be very wary of scams and fraudsters. They often pose as advisers but are out to steal your savings.

How to report a scam

If you’re suspicious of a scam, or if you think you’re being targeted report it to Action Fraud.

Report fraud any time of day and night on the Action Fraud website or by calling 0300 123 2040 Monday to Friday 8am - 8pm.

If you are calling from abroad, call +44 300 123 2040. In Scotland, report to Police Scotland by calling 101.