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4 pension scam red flags to look out for – and how to protect yourself

This past week, the Financial Conduct Authority launched the FCA firm checker online tool after around 800,000 people reported losing money to investment or pensions-related scams in the 12 months to May 2024.
Anthony Wilson warns that fraudsters often disguise themselves as trusted advisers and start with unsolicited contact via calls, texts or social media, using `time-restricted` offers to push transfers into Self-Invested Personal Pension arrangements or overseas investments.
Common warning signs include offers of a free pension review, claims pension money is `wasted` unless moved, and downplaying risks while promising exceptional returns, targeting older savers.
If you suspect you've been scammed, always check the Financial Conduct Authority registers to verify a company’s status and contact details, then complain to the Financial Ombudsman Service or Pensions Ombudsman Service and seek legal advice, noting many scams fall outside the Financial Services Compensation Scheme.
Growing social‑media targeting means scammers use intermediaries and deceptive documentation to appear linked to UK firms, increasing the need for verification tools.

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