Is it safe to move my pension savings based on an unsolicited approach?
Pension scams cause catastrophic, often irreversible financial harm. An unsolicited approach about your pension — by any channel — should be treated as a major warning sign. Legitimate pension services do not cold-contact.
Last reviewed: 10 June 2026
Explanation
Pension fraud is among the most financially devastating consumer crimes because pension savings represent decades of work and are often the victim's primary retirement resource. The losses are frequently total and largely unrecoverable.
Scammers approach via cold call, email, social media, or through an introducer — sometimes a friend or family member who has already been recruited. They offer investment opportunities promising returns substantially above market rates, or they offer 'pension liberation' schemes promising access to pension funds before the legal retirement age in exchange for fees.
Pension liberation schemes often leave victims with tax bills as well as lost savings: withdrawing pension funds early triggers significant tax penalties in most jurisdictions, and many liberation scheme operators are not regulated to provide the advice they give.
In the UK, cold calling about pensions has been illegal since 2019. A cold call about your pension is therefore automatically a sign of an illegal, likely fraudulent operation. Any unsolicited contact about your pension in any jurisdiction should be refused and reported.
If you want to review your pension arrangements, approach independently: contact the Pension Tracing Service (UK) to locate any lost pensions, visit your pension provider directly, or consult a regulated independent financial adviser you have independently identified.
Common red flags
- Contact was entirely unsolicited — by phone, email, text, or social media
- Unusually high guaranteed returns are promised
- You are offered access to pension funds before you reach retirement age
- The adviser cannot be found on the FCA register or equivalent
- You are told to keep the arrangement confidential
- Urgency is created — limited time, tax deadline, before regulations change
What to do now
- Decline any unsolicited approach about your pension and report it to your financial regulator
- Never transfer pension funds based on an unsolicited recommendation
- Check any adviser on the relevant regulator's register before engaging
- If you have already transferred funds, report to your financial regulator immediately — there may be a possibility of stopping the transfer
- Seek independent regulated advice for any pension review
Frequently asked questions
Can I access my pension before retirement age through a pension liberation scheme?
In most jurisdictions, accessing pension funds before the legal minimum age triggers significant tax penalties. Schemes promising to liberate funds early are either unlawful or will expose you to these penalties while taking fees. Avoid them entirely.
A friend recommended a pension transfer adviser — is that safe?
If your friend was introduced to the adviser through an unsolicited approach, they may themselves be a victim or an unwitting introducer in a fraud operation. Verify the adviser independently on the regulator's register before any engagement, regardless of the recommendation source.