Pension "free review" that ends in a transfer you cannot undo
A caller offers a free pension review, then steers you into transferring your pot into a fake scheme.
How this scam works
Someone calls, texts or emails offering a free pension review, a "government-backed" health check, or a chance to unlock your pension early. They sound knowledgeable and use real-sounding company names.
The review always reaches the same conclusion: your current pension is underperforming and you should transfer it into something better. That something is usually an overseas investment, a storage-unit scheme, a car park in another country, or green energy bonds.
A pension transfer is very hard to reverse. By the time the loss becomes obvious the money and the company have both gone.
Cold calling about pensions has been banned in the UK since 2019. Any unexpected call about your pension is, by definition, breaking the law.
Warning signs
- An unexpected call, text or email about your pension. Cold calling about pensions is illegal in the UK.
- Phrases like "free pension review", "unlock your pension early" or "guaranteed returns"
- Time pressure: a "limited offer" that closes this week
- Investments you have never heard of, especially overseas ones
- They offer to send a courier to collect paperwork
What to do
- Hang up on any unexpected pension call. You do not need to be polite about it.
- Check the firm on the FCA register at register.fca.org.uk before any conversation.
- Get free, impartial guidance from MoneyHelper on 0800 138 7777.
- Never agree to anything on the same call.
If it has already happened to you
This happens to sensible, careful people every day. What matters now is acting quickly.
- Contact your pension provider immediately and ask whether the transfer can be stopped.
- Report it to Action Fraud on 0300 123 2040 or at actionfraud.police.uk.
- Report the firm to the FCA on 0800 111 6768.
- Speak to MoneyHelper about your options.
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Check a messageLast updated 29 September 2026. Source: FCA ScamSmart.