Pension fraud advice

On the programme on 7 January 2026, personal finance expert Sarah Pennells and Catherine Mustoe from the Pensions Regulator offered advice on how to avoid becoming a victim of pension fraud.

Sarah said: “Pensions can be confusing for people. So maybe some of those alarm bells that would otherwise be ringing if a product was more familiar are not ringing because people are less sure about exactly how they work.

“But also, scammers' tactics are becoming more sophisticated. They are using things like social media and AI.”

Red flags for potential pension fraud

• Someone offers a “free pension review” with a promise of better returns. This can be used by fraudsters to harvest data, while the products being pushed could be a scam.

• An offer of “early access” to your pension scheme. The age at which you can withdraw your pension is covered by certain rules, so any offer to access it early should be treated with caution – especially if you are under 55.

• A suggestion to move your pension into a new scheme with high returns and minimal risk. This could be a scam.

• Since 2019, making unsolicited cold calls about pensions has been illegal and this approach is considered to be a hallmark of scammers.

• To check the credentials of a pension company, look up their details on the website of the Financial Conduct Authority, which contains a searchable register of genuine authorised financial services companies.