Protecting yourself from pension liberation fraud

What is pension liberation fraud?

Pension liberation fraud is where someone tries to deceive you by convincing you to access money in your pension pot before retirement, normally before you're 55 (57 from 6 April 2028, unless you have protected pension age).

Pension scammers are out there – it's just not always easy to spot them. They appear friendly, professional and knowledgeable and they have a way of making people trust what they've got to say.

If you're contacted about withdrawing money from your pensions fund early through an email, letter or cold call and you think something isn't right, please give us a call or chat to your financial adviser. It's important you do this before making any decisions, especially to a company you’re not familiar with.

If you've already become a victim of a pension scam then you could face large tax charges which scammers won't have told you about.

What do these scammers do?

Scammers will regularly move your money in to high-risk investments, often based overseas and there's no guarantee that you'll see your hard earned savings again if anything goes wrong. 

What I should I be checking for?

Scammers are always changing their tactics so the following are some things that could you help you spot them and stop them:

  • Is the offer too good to be true? Then it probably is. 
  • Have you checked the FCA's ScamSmart website? Make sure this isn't a known scam.
  • Is the firm or caller asking you to make a quick decision? Any reputable pension provider or financial adviser knows that deciding what to do with your pension pot is a huge decision.
  • How did they get your contact details? If they can't provide a genuine response then they are not likely to be genuine.

What should I do next?

If you're worried about pension liberation fraud, or if you think you've been targeted, you can get in touch by emailing

You can report fraud and cybercrime at ActionFraud the UK's national fraud and cybercrime reporting centre.

You can also take a look at The Pensions Regulators or HMRCs websites for more information about pension liberation fraud.

Remember and trust your instincts and stay alert to this type of scam.

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