High riskCrypto & Investment Scams

Pension Scam

In this scam, you are offered early access to your pension or a transfer to a 'high-return' scheme, but the advice is bogus, fees and tax charges are huge, and your retirement savings are lost in fake or risky investments.

Quick verdict

Risk level
High risk
Scam type
Pension liberation / investment fraud
Main red flag
An unsolicited offer of early pension access or a guaranteed high-return transfer.
What to do first
Do not act; get advice from a regulated adviser and check the firm's authorisation.

What this scam usually looks like

In this scam, you are offered early access to your pension or a transfer to a 'high-return' scheme, but the advice is bogus, fees and tax charges are huge, and your retirement savings are lost in fake or risky investments.

Example message pattern

Example pattern — not a real report
Example pattern: 'Unlock your pension early or move it to our high-return fund. Free pension review, guaranteed returns, limited-time opportunity, act now.'

This is a fictional, anonymised example used to illustrate the pattern. It is not a verified real message, and any names are used only to show how the scam typically reads.

Red flags to watch for

  • An unsolicited 'free pension review' or transfer offer
  • Promises of early access or guaranteed high returns
  • Pressure to act on a limited-time deal
  • Unusual or overseas investments you cannot verify
  • An adviser or firm you cannot confirm is authorised

What to do

  • Get advice from a regulated financial adviser before any transfer
  • Check the firm and adviser on your financial regulator's register
  • Be sceptical of early access and guaranteed returns
  • Report suspected pension scams to the regulator

If you already clicked or replied

  • Stop the transfer if you can and contact your pension provider
  • Gather all documents and report to your regulator and fraud authority
  • Seek independent, regulated advice on your options
  • Be wary of follow-up 'recovery' offers

What not to do

  • Do not transfer your pension on an unsolicited offer
  • Do not trust guaranteed returns or early-access promises
  • Do not rush due to a 'limited-time' deal

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Frequently asked questions

Can I access my pension early through these offers?
Unsolicited early-access offers often carry huge tax charges and fees and can be scams that lose your savings. Get regulated advice before acting.
How do I check an adviser is genuine?
Confirm the firm and adviser on your financial regulator's register, and be wary of cold contact and guaranteed returns.
I transferred my pension. What now?
Contact your pension provider to see if it can be stopped, gather documents, report to your regulator and fraud authority, and seek regulated advice.
Why are pensions targeted?
Pensions are large, long-term savings, so scammers use 'free reviews' and high-return promises to persuade people to move money into fraudulent or risky schemes.

Last reviewed: June 2026

Disclaimer: This page provides educational information only to help you recognise common scam patterns. It is not legal, financial, cybersecurity, or law enforcement advice, and it does not confirm whether any specific message, company, or person is genuine or fraudulent. When in doubt, contact the official organisation directly and report concerns to your local authorities.