Pension cold-calling and pension transfer scams
In short. Cold calls about pensions have been illegal in the UK since 9 January 2019. Any unsolicited call, text or email offering a pension review, 'free' pension check, early release before age 55, or an investment opportunity is either illegal or fraudulent. The FCA's ScamSmart tool at fca.org.uk/scamsmart lists firms known to be involved in pension scams.
The Pensions Regulator and the FCA estimate UK savers lost an average of £75,000 per victim to pension scams in 2024. Most scams begin with a cold contact, lead to a transfer into a SIPP or QROPS, and end with the money trapped in illiquid or non-existent investments.
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Pension cold-call ban
Since 9 January 2019, unsolicited marketing calls about pensions have been banned. The ban covers calls about pension review, transfers, investment opportunities or 'free' assessments. Firms breaking the ban face fines from the Information Commissioner's Office.
Exceptions: an authorised firm you have an existing client relationship with may call you about your existing pension. Anyone else is breaking the law.
Common pension scam patterns
- 'Free pension review' offered by a firm you don't recognise
- Promise of early access to your pension before age 55 (rising to 57 in April 2028)
- Pressure to make a quick decision or sign documents on a doorstep visit
- Unusual or overseas investments — storage units, parking spaces, hotel rooms, forestry, carbon credits, cryptocurrency
- Suggestion to move into a QROPS (qualifying recognised overseas pension scheme) you don't need
- Promised returns of 8%+ a year, 'guaranteed'
Checks before any transfer
- Use the FCA Financial Services Register (register.fca.org.uk) to confirm the firm is authorised
- Check the FCA ScamSmart Warning List (fca.org.uk/scamsmart)
- Pension Wise (now part of MoneyHelper) offers free guidance for over-50s — book at moneyhelper.org.uk/pensionwise
- Pension scheme trustees may run statutory 'amber/red flag' checks before allowing a transfer; flagged transfers must go through MoneyHelper guidance
FAQ
I've received a cold call about my pension — what do I do?
Hang up and report it to the ICO at ico.org.uk/concerns. Don't engage with the caller, even to ask them to stop — confirming details makes you a target for follow-up calls.
Can I get my pension out before age 55?
Almost never. The only legitimate routes are serious ill-health (with medical evidence the scheme accepts), or a 'protected pension age' below 55 carried over from a specific pre-2006 scheme. Anyone offering 'pension liberation' before 55 is offering a scam — the tax charge alone is 55% on the entire pot.
What happens if I've been scammed?
Report to Action Fraud (or Police Scotland), to the FCA at fca.org.uk/consumers/how-complain, and to your pension scheme. The Pensions Ombudsman (pensions-ombudsman.org.uk) investigates losses where a trustee failed to do enough to prevent the transfer.