# Pension scams: the warning signs and what to do if you are contacted

> Pension scams often start with an unexpected call, text or offer of a free review. This guide explains the common warning signs, the tax risk of…

- URL: https://centiview.com/uk-money/pension-scams-warning-signs-and-what-to-do
- Published: 2026-10-14T11:37:00.000Z
- Figures checked: 2026-10-14
- Edited by David A
- Topic: Pensions (UK)
- Publisher: Centiview (Persie Ltd, London)
- General information only, not financial advice

Pension scams often start with an unexpected call, text or offer of a free review. This guide explains the common warning signs, the tax risk of early access, how to check a firm, and where to report a suspected scam.

## Who this guide is for

It is general information for anyone in the UK with a pension, especially people approaching retirement who may be contacted about their savings. It is not personal advice and cannot tell you whether a particular offer is genuine.

## Common warning signs

- Guaranteed returns on your pension savings that sound better than normal.
- High-pressure sales tactics or a push to decide quickly.
- Unusual, often unregulated and high-risk investments, such as overseas property, forestry or care homes.
- Complicated structures where it is hard to see where your money goes, or several firms each taking fees.
- An unexpected call, email or text about your pension. The Financial Conduct Authority (FCA) says unexpected pension calls are illegal and probably a scam.

## Early pension release

You generally cannot take money from a pension before the minimum age, which is 55 at the moment and due to rise to 57 from 2028, apart from a few exceptions such as ill health. Some scams offer a "pension loan" or "liberation" to get at the money sooner. The FCA says scammers may offer around half of your pension and take a fee of up to 30%.

GOV.UK explains that payments made outside the tax rules are called unauthorised payments, and you can pay up to 55% tax on them. Examples it lists include payments before age 55 (with exceptions) and loans or cash advances linked to early access. So someone who is tempted by early access can lose a large part of their pension to fees and tax.

## Free pension reviews

The FCA says an unsolicited offer of a free pension review is likely to be a scam, because professional pension advice is not free. Scammers may also falsely claim to be authorised, or to be working for the FCA or MoneyHelper.

## Ways to check

- The FCA Firm Checker shows whether a firm is authorised and has permission for the service it offers.
- The FCA says never to take advice from the company that contacted you.
- People over 50 can book a free Pension Wise appointment, as set out by the FCA.
- If you are thinking of using your pension to clear debts, free debt advice is available through MoneyHelper.

> **Key numbers** Minimum pension age: 55, rising to 57 from 2028. Tax on unauthorised payments: up to 55%. Typical scam fee quoted by the FCA: up to 30%. Figures checked on 14 October 2026.

> **Who this affects** Anyone with a UK pension, whether workplace or personal. The guide does not cover state benefits, and rules on access can differ for some schemes, for example because of protected pension ages.

## If you think you have been targeted

The FCA says to hang up on unexpected pension calls and ignore unsolicited emails or texts. Pension cold calls can be reported to the Information Commissioner's Office. To report a suspected scam, the FCA can be contacted on 0800 111 6768 or through its online form. If you have lost money, the FCA says to report it to them first and then to Report Fraud. If you feel embarrassed, it may help to know that these scams are designed to be convincing and many people are caught out.

## Check before you act

Rules, ages and contact details can change, so confirm them on the official pages linked below before making any decision about your pension.

### Sources
- [FCA: How to avoid pension scams](https://www.fca.org.uk/scamsmart/how-avoid-pension-scams)
- [GOV.UK: Higher tax on unauthorised payments](https://www.gov.uk/tax-on-pension/higher-tax-on-unauthorised-payments)