Pension Cold Call Scam UK: Why It's Illegal to Call
The FCA's advice is blunt: if you get a cold call about your pension, hang up.
What a pension cold call scam looks like
This scam is an unexpected call offering a "free pension review", a transfer opportunity, or an investment tied to your pension. An example of the style: We can review your pension for free and show you a way to get much better returns. Cold calls about pensions have been illegal in the UK since 9 January 2019, with only a narrow legal exception — so an unsolicited pension call is both presumptively unlawful and very likely a scam.
Why the cold-calling ban matters here
UK regulations made under the Financial Guidance and Claims Act 2018 banned unsolicited live phone calls about pensions from 9 January 2019. The narrow exception is a call from an FCA-authorised firm where you've given specific consent, or where there's an existing client relationship you would reasonably expect such a call from. Because a caller has no easy way to prove either condition to you in the moment, the safest response is to hang up and check independently.
Signs a pension call is a scam
- The call is unsolicited and about your pension, rather than something you initiated.
- You're offered unusual, high-risk investments, such as property, renewable-energy bonds, or forestry schemes.
- You're promised guaranteed high returns.
- There's pressure to act within a limited time, or a courier is sent to collect signed documents quickly.
- The pitch uses language like "pension liberation", "loan", or "loophole".
How the scam works step by step
First, an unsolicited call offers a free pension review or a transfer opportunity, despite this being illegal in almost all circumstances. Second, the caller uses guaranteed-return promises and urgency to push a quick decision. Third, you're pressured into transferring your pension into an unregulated or high-risk investment, sometimes via a chain of intermediaries each taking a fee. Fourth, the underlying investment turns out to be worthless, illiquid, or non-existent, and the pension savings are gone.
How to check a pension call or offer is genuine
Hang up on any unsolicited call about your pension.
- If you want to check any firm that has contacted you, use the FCA Firm Checker and Financial Services Register, calling back only on the number listed there.
- Use Pension Wise, the government-backed free and impartial guidance service at moneyhelper.org.uk, before making any transfer decision.
- Be wary of pressure to decide quickly. A genuine pension decision doesn't need to happen today.
If you've already agreed to a transfer
Contact your existing pension provider immediately. They may be able to halt a transfer that hasn't yet completed. Act as quickly as possible, since a completed transfer is much harder to reverse.
How to report a pension cold call scam (UK)
Report a suspected unauthorised or scam firm to the FCA on 0800 111 6768. If you've lost money, also report it to Report Fraud at reportfraud.police.uk or 0300 123 2040 if you're in England, Wales, or Northern Ireland. In Scotland, report to Police Scotland on 101.
Frequently asked questions
Is it actually illegal to cold-call someone about their pension in the UK?
Yes. Unsolicited live calls about pensions have been banned since 9 January 2019, with a narrow exception for FCA-authorised firms where there's consent or an expected existing relationship.
Does the ban cover texts and emails too?
No. The specific pension cold-calling ban covers live phone calls. Unsolicited marketing texts and emails are covered by separate rules.
What should I do if I get a cold call about my pension?
Hang up. Then check independently if you've any reason to think there might be a genuine issue.
I've already agreed to transfer my pension somewhere I now think is a scam — what do I do?
Contact your existing pension provider immediately to ask if the transfer can be halted, and report the firm.
How do I report a pension scam in the UK?
Report it to the FCA on 0800 111 6768, and to Report Fraud at reportfraud.police.uk or 0300 123 2040 (Police Scotland on 101 in Scotland) if you've lost money.