What is a pension scam?

A pension scam uses a misleading offer to persuade you to move or release pension savings. The FCA describes unexpected pension reviews and unusual investment schemes. 1

You may be urged to transfer before taking independent advice. Check the adviser and the proposal before changing your pension arrangements. 1

By Secordit. Last checked: 7 November 2026.

Go to the steps · All glossary terms

How does it work?

  1. Someone contacts you with a pension review or transfer proposal. 1
  2. The proposal directs your pension towards an unusual scheme. 1
  3. Fees and risky investments can reduce or consume your savings. 1

What the FCA describes

The FCA describes pension reviews used to move savings into overseas property, storage units or other unusual investments. It warns that problems may remain hidden for years. 1

What are the warning signs?

  • A caller pressures you to change your pension arrangements. 1
  • It is unclear where your pension money will be invested. 1
  • Several organisations charge fees within the proposed arrangement. 1

What to do now

  1. End an unexpected pension sales call. 1
  2. Seek independent financial guidance or advice before making changes. 1
  3. Report a suspected pension scam through the FCA’s published contact route. 1

UK reporting and support

  • If you paid a suspected scam, contact your bank using the number on your card. 23
  • Report fraud in England, Wales or Northern Ireland to Report Fraud. In Scotland, call Police Scotland on 101. 34
  • If someone is in danger, call 999. 4
  • Forward suspicious emails to [email protected]. Forward suspicious texts to 7726. 5

How can you protect yourself?

  • Check that a proposed adviser is authorised by the FCA. 1
  • Do not rely on advice from the company that approached you. 1

Frequently asked questions

Can a pension review be a scam?

Yes. The FCA warns about unexpected pension review offers used to move money into high-risk schemes. 1

Does every poor pension investment involve fraud?

No. The FCA distinguishes badly run investments from outright scams. 1

Seek advice independently. The FCA warns that the recommended adviser may be part of the scam. 1

Matching kit

After a Scam: What to Do First · £7 · Digital download.

A printable UK checklist for money, account and reporting steps. It is general information, not a recovery service.

General information, not legal, financial or personalised security advice. Secordit is not a police or bank reporting service.

News Pulse

Account security, explained by email.

Read about News Pulse

Sources

  1. FCA, Pension scams. Accessed 7 November 2026 (Europe/London).
  2. Report Fraud, Ticket fraud. Accessed 7 November 2026 (Europe/London).
  3. Report Fraud, Police impersonation alert and reporting routes. Accessed 7 November 2026 (Europe/London).
  4. Police Scotland, How to report a crime. Accessed 7 November 2026 (Europe/London).
  5. GOV.UK, Avoid and report internet scams and phishing. Accessed 7 November 2026 (Europe/London).