Pension learning guide
Pension Scams
A pension scam can put years of retirement saving at risk. Pause an unexpected approach, verify who you are dealing with and seek help before agreeing a transfer or payment.
Recognise the warning signs
Unexpected pension offers can use pressure, urgency or promises of unusually strong returns to persuade someone to move money. An offer may be described as a pension review, a special investment or a way to unlock cash. The label does not remove the need for checks.
Be cautious when the investment is hard to understand, the destination of your money is unclear or several parties will take fees. Do not let a deadline prevent you from understanding what is proposed. A legitimate decision about retirement saving should withstand careful scrutiny.
Treat early-access offers with particular caution
Promises of easy access before the normal pension access age are a serious warning sign. There are limited legitimate exceptions, such as certain ill-health circumstances or protected rights, but an unsolicited promoter cannot simply bypass the rules.
An unauthorised withdrawal can create substantial tax consequences as well as fees and investment losses. Check your position with the existing scheme and appropriate independent help rather than relying on the person selling an early-release arrangement.
Verify the firm and the person independently
Go directly to the FCA website to check a firm, its permissions and official contact details. Do not use a register link, telephone number or email address supplied by an unexpected caller as your only verification. Scammers can impersonate genuine authorised businesses.
Contact the firm using details obtained independently through the official record. Check that the specific person and offer belong to that firm. Finding a matching name is not enough, and the absence of a warning does not prove that an approach is safe. Use the FCA pension scam guidance for current checks.
A transfer needs more than an attractive pitch
Understand the current pension before considering a move. Guarantees, protected rights and other terms may be lost. Ask the existing provider about its checks and any concerns about the destination. Do not sign forms or share access credentials simply to keep an offer open.
Scheme transfer safeguards can require further checks or a guidance appointment where warning flags arise. Cooperate with the scheme’s verification process. A delay designed to establish the facts is different from missing out on a supposed exclusive investment. See The Pensions Regulator’s scam information.
If you suspect a scam or have already acted
Stop further payments and contact your existing pension provider promptly through a known, independently verified channel. If a bank payment or account access is involved, contact the bank immediately too. Explain what happened and ask what protective steps may still be available; do not assume a transfer can be reversed.
Keep the correspondence, documents, website addresses and payment details. Follow the current reporting routes linked from the FCA pension scams page. Reporting concerns is useful even when you are uncertain. Do not send sensitive evidence to an unverified person offering to investigate.
Watch for a second approach after a loss
Someone who has lost money may later be targeted by an offer to recover it for an advance payment. The person may claim official status or knowledge of the original investment. Verify the approach independently and do not pay simply because they know details of the loss.
Read the FCA recovery scam guidance. Patrick Wayne Wealth provides financial advice; we are not a fraud investigation or recovery service.
Consider the wider retirement plan
For independent financial advice about your pensions and retirement priorities, start with a conversation. We explain the proposed service and charges before you decide whether to proceed.
Book a conversationThis guide provides general information and is not personal financial, tax or legal advice. Pension and tax rules depend on individual circumstances and can change. Information checked on 18 October 2026.