# Pension Scams

> The FCA ScamSmart warning signs of a pension scam — cold calls, "free reviews", guaranteed returns and pressure to act — and how to protect yourself.

Canonical page: [/investing-pensions/pension-scams](/investing-pensions/pension-scams/) · Last reviewed: 2026-08-22

Pension scams can cost you your entire retirement savings, and victims rarely get their money back. Knowing the warning signs, drawn from the FCA’s ScamSmart campaign, is your best protection.

## Key information

- Cold calls about your pension are illegal — hang up
- There is no such thing as a genuinely free pension review
- Be very wary of "guaranteed" returns or unusual investments
- Always check the firm on the FCA Register before acting

## The warning signs

Scammers are convincing, professional-looking and often patient. The FCA’s ScamSmart campaign highlights a set of tell-tale signs that a pension offer is a scam.

- A phone call, text or email out of the blue about your pension — cold-calling about pensions is banned
- The offer of a "free pension review", "health check" or one-off investment "opportunity"
- Promises of guaranteed or unusually high returns, which no genuine investment can offer
- Unusual, unregulated or overseas investments — such as forestry, storage units or overseas property
- Pressure to decide quickly, or a courier sent to collect your paperwork
- Offers to help you access your pension before age 55, which is almost always a scam and can trigger large tax bills

## How to protect yourself

The FCA recommends four simple steps. First, reject unexpected offers — if you are contacted out of the blue, the safest thing is to end the conversation. Second, check who you are dealing with on the FCA Register and use the contact details on the Register, not those the caller gives you.

Third, do not be rushed or pressured into any decision about your money or your pension. Fourth, get impartial information or advice before acting — Pension Wise offers free guidance to over-50s, and a regulated adviser you have checked yourself can help. Anyone who discourages you from doing these checks should be treated as a scammer.

## If you think you have been targeted

If you suspect a scam, stop any transfer that is under way and contact your pension provider immediately. [Report the scam to the FCA and to Action Fraud](/banking-savings/fraud-and-scams). If you have already signed something, act quickly, as speed can make a difference.

Even if you are not sure, it is always worth reporting suspicious approaches. Doing so helps protect others and may help the authorities disrupt the scam.

## Your rights

- Cold-calling about pensions is banned in the UK — a call you did not request is a strong sign of a scam.
- You can report a suspected scam to the FCA and to Action Fraud, and check any firm on the FCA Register.
- If your provider failed to protect you or an authorised firm was involved, you may be able to complain to the Financial Ombudsman Service.

## Official sources

- [FCA ScamSmart — avoid pension and investment scams](https://www.fca.org.uk/scamsmart)
- [Check a firm or adviser on the FCA Register](https://register.fca.org.uk)
- [Report a scam to Action Fraud](https://www.actionfraud.police.uk)

## Related

- [Checking a Financial Firm](/investing-pensions/checking-a-financial-firm/)
- [Pension Consolidation](/investing-pensions/pension-consolidation/)
- [Investment Risk](/investing-pensions/investment-risk/)
- [Firm Checker](/tools-calculators/firm-checker/)

## Sources

- FCA — [ScamSmart — how to avoid pension scams](https://www.fca.org.uk/scamsmart/how-avoid-pension-scams) (accessed 2026-08-22)
- MoneyHelper — [How to spot a pension scam](https://www.moneyhelper.org.uk/en/money-troubles/scams/how-to-spot-a-pension-scam) (accessed 2026-08-22)