Pension scams. Don't get stung.

What's a pension scam?

Pension scams are enticing savers by claiming to help them access their pension before age 55 or that people can already take more than 25% of their pension as cash. For most people the offers will be bogus and victims will lose most, if not all, of their savings.

Only in rare cases – like terminal illness – can pension scheme members take their pension before age 55. It remains the law that pension scheme members can only take up to 25% of their pension savings as a cash lump sum. Although this may change in the future it's important that members aren't fooled into thinking that is the law today.

Pension scheme members who agree to transfer may lose all their savings and may still be subject to tax charges of over half their transfer value for taking an 'unauthorised payment'.

Business advisers

Use our action pack to find out more about pension scams and find resources you can send to warn members during transfers.


Use our action pack to find out more about pension scams and resources you can use when communicating to members.


Find out what to do if you're a pension scheme member and you think you're being targeted by a pension scam.