Pensions are often one of the biggest financial assets people have, which makes them a tempting target for fraudsters. Pension scams can take many shapes, from convincing phone calls to slick-looking websites, and they can be difficult to recognise at first glance. Knowing some of the common warning signs can help you stay alert and protect your pension from falling into the wrong hands.
Scammers are always looking for opportunities to take advantage of people’s savings. Pensions can hold large sums of money, and this is why they may try to persuade individuals to transfer their pension into unsuitable or non-existent schemes. Once the money has gone, it can be very difficult, if not impossible, to get it back.
While scams can vary, there are recurring signs that something might not be as it seems:
Unexpected contact – Being approached by phone, email, text or a direct message on social media about your pension when you have not requested information.
Unrealistic claims – Promises of very high returns with little or no risk.
Urgency and pressure – Being pushed to make a decision or move money quickly.
Unclear identity – A company or individual avoiding giving full contact details or verifiable credentials from recognised authorities.
Requests for sensitive information – Asking for bank details, passwords or other personal data before confirming who you are dealing with.
If something feels unusual or causes doubt, slow the process down. Verify who you are speaking to and do your own checks on accreditation before making any decisions about your pension. Free government-backed services such as MoneyHelper and Pension Wise (for those aged 50 or over) can provide general information about pensions and your options.
At Pension App, we follow strict processes when handling pension transfers to make sure they meet the required standards. We are registered by the Financial Conduct Authority and you can do your due diligence and search for us on their website. Our Transfer Specialists check documentation carefully and work only with recognised pension providers, so your transfer is processed securely.
With pensions, your capital is at risk.