Guides › Banking Scams and Fraud › Pension Scams: Spot and Report Them
Pension Scams: Spot and Report Them
Cold calling about pensions has been banned since January 2019, so an unexpected call is a warning sign. Other signs are pressure to act fast, offers to unlock your pension before 55, and promises of high returns with low risk. Taking money out early can mean tax charges of more than half the amount.
At a Glance
Your Rights
What the rules say, with a link to the official source for each.
Warning Signs
Spotting a Scam
Warning signs: unsolicited contact, pressure to decide quickly, offers to unlock a pension before 55, only a mobile number or PO Box, tax loopholes, and high returns described as low risk. Since January 2019 there has been a ban on cold calling about pensions. Check the firm on the FCA register and warning list, and use ScamSmart. Early withdrawal can bring tax charges of more than half the money, plus fees of typically 20% to 30%. source
Reporting
If You Are Targeted
Contact your pension provider straight away (it may stop a transfer). Report it via FCA ScamSmart or to Report Fraud on 0300 123 2040 for a crime reference. Report advisers to the FCA Consumer Helpline on 0800 111 6768. source
Time Limits to Know
Miss a deadline and you can lose a right. Check the dates on your own paperwork.
- Straight awayCall your pension providerIt may be able to stop a transfer
Steps to Take
Step 1 of 5
Hang up on cold calls about your pension.
Step 2 of 5
Check any firm on the FCA register.
Step 3 of 5
Call your pension provider if you have agreed a transfer.
Step 4 of 5
Report it to the FCA or Report Fraud.
Step 5 of 5
Get free guidance from MoneyHelper before any transfer.
(Tap the numbers to reveal steps)
Where to Go If It Is Not Put Right
Your options, in order, and when each one applies.
Your Pension Provider
Call straight away.
Report Fraud (Police)
Report any scam. Your bank may also ask you to report it.
Financial Ombudsman Service
You are unhappy with your bank's final response. It is free, and its limit is 430,000 pounds.
Good to Know
Small things that make your complaint stronger.
Never transfer a pension because of a cold call.
Want Help?
If you would like one of our team to look at your problem, our initial case review is free. We cannot guarantee any outcome and we do not give legal advice.
Lead reviewer
Luke Marley
Founder and Lead Reviewer
Luke founded CPUK in 2026 after seeing how hard it is for ordinary people to get problems with companies put right. He oversees our guides and checks them against official sources.
Research by Katie Burt, Co-founder and Operations Lead (17 years in the care sector, including managing services for vulnerable adults), and the CPUK Research Team. Researched with AI-assisted research tools, then checked and corrected by our team.
Last checked: 13 October 2026. We are not paid by the companies we write about. Adverts never affect our guidance. Read our editorial policy.
Sources and official links
- moneyhelper.org.uk/en/money-troubles/scams/how-to-spot-a-pension-scam Checked 13 October 2026
- reportfraud.police.uk Checked 12 October 2026
- psr.org.uk/information-for-consumers/app-fraud-reimbursement-protections Checked 13 October 2026