Pension Scams
Schemes that pressure you to transfer or unlock your pension into high-risk or fake investments.
Last reviewed: 1 June 2026
What this scam is
A pension scam persuades you to move retirement savings into a fraudulent or unsuitable scheme, or to 'unlock' a pension early. Losses are often catastrophic and unrecoverable because the sums are large and the transfers legitimate-looking.
How it works
You receive an unexpected offer — a free pension review, early access, or a high-return overseas investment. A persuasive adviser walks you through a transfer. Once moved, the money is invested in something fake or worthless, or simply stolen.
Common red flags
- Unexpected contact about your pension
- Offers to access your pension before the normal minimum age
- Guaranteed high returns or 'one-off' overseas opportunities
- Pressure to decide quickly or use a courier for documents
Sanitized example messages
Illustrative, sanitized examples. Personal details are replaced with placeholders such as [phone number] and [fake link].
Free pension review! Unlock your pension early and reinvest for guaranteed 11% returns. Call [phone number] today.
Payment methods used
- Pension transfer
- Bank transfer
Who is usually targeted
- People over 50
- Those near or at retirement
- People with multiple old pensions
What to do immediately
- Do not agree to a transfer under pressure
- Check the adviser and scheme with your regulator and a government pension guidance service
- Contact your pension provider directly
- Report to your national fraud service
Evidence to preserve
- The offer and all documents
- Adviser and firm details
- Any transfer paperwork
Where to report it
- Action Fraud (UK) — UK national fraud & cybercrime reporting centre
- FTC ReportFraud (US) — US Federal Trade Commission fraud reports
- FBI IC3 (US) — US Internet Crime Complaint Center
- Scamwatch (Australia) — Australian competition & consumer reporting
- MoneyHelper / Pension Wise (UK) — Free, impartial UK pension guidance
Always verify reporting routes and emergency contacts on the official government or agency website for your country.
Frequently asked questions
Can I access my pension early?
In most countries early access is heavily restricted and 'pension unlocking' offers are usually scams or carry severe tax penalties. Always check with an official, government-backed guidance service first.