Published and sources checked · UK tax year 2026/27
Recognise the pressure before checking the product
Warning signs include promises of unusually high or guaranteed returns, pressure to decide quickly, unclear investments and offers of early pension access. Unexpected “free pension reviews” can be a route into transferring a pension to unsuitable or fraudulent investments.
Do not let an expiring offer dictate a retirement decision. Pause before sending documents, signing transfer forms or giving account access. A genuine explanation should make costs, risks, ownership and withdrawal conditions understandable. If those basic questions remain unanswered, you have not established what you are buying.
Verify the firm and the person contacting you
Use the FCA's official Firm Checker or Financial Services Register to check the firm's identity, status and relevant permissions. Go to the official FCA site independently. Compare telephone numbers, email and website details with those listed there, then contact the firm using the verified details.
Scammers can copy a real firm's name and reference number. That is a clone scam: finding the genuine name on a register does not prove the caller works for it. FCA authorisation is also not a promise that an investment cannot lose money. Check the specific service being offered.
Protect the pension account itself
The Pensions Regulator has warned about fraud involving hacked accounts and impersonation, including attempts to change beneficiary bank details. Protect your pension login and the email account connected to it. Use strong, separate passwords and any additional authentication the provider offers.
Never give a caller a one-time security code to “verify” an account. Treat an unexpected notice of changed bank details, a new address or a withdrawal request as a reason to contact your provider immediately through your usual secure route. Do not follow the links in the suspicious message.
If you have already responded
Tell your pension provider promptly if you have requested a suspicious transfer or shared information that might expose the account. Ask whether a pending payment can be stopped. Contact your bank through its official fraud channel if bank details or money are involved.
Keep emails, messages, website addresses, transaction references and a short timeline. Report the concern to the FCA and follow its guidance on reporting a crime. The national service linked by the FCA is Report Fraud; use the appropriate police reporting route for your location.
Be alert to a second approach promising to recover losses for an upfront fee. Independently check that organisation too. Acting quickly can help, but reporting does not guarantee that lost money will be recovered.
Common questions
Does an FCA reference number prove a caller is genuine?
No. Fraudsters can copy a real firm's details. Independently check the official record and contact the firm through the details shown there.
Can someone legally unlock my pension early for a fee?
Normal minimum pension access rules have limited exceptions, such as certain ill-health cases and protected ages. An unsolicited offer to bypass them can lead to lost savings and substantial tax charges. Ask your existing provider about legitimate eligibility.
Sources
Checked 7 October 2026. The linked sources are the authority for rules and eligibility.