• Three in five (60%) are either incorrect or unsure whether pension providers or advisers can cold call about pension opportunities
  • Two in five (40%) believe you can withdraw money from your pension at any age or said they did not know 
  • One in five (20%) say a professional-looking website and positive online reviews are reliable indicators that a pension opportunity is genuine, while 20% are unsure
  • Standard Life highlights how scammers exploit uncertainty around pensions and urges savers to look beyond polished websites, online reviews and social media adverts

Many UK adults could struggle to spot some of the most common warning signs of a pension scam, according to new research from Standard Life, a retirement specialist focused entirely on retirement savings and income.1 

Despite 62% of people saying they feel confident that they could spot a pension scam, Standard Life’s pension scam test found that three in five (60%) people did not know that pension providers or advisers are not legally allowed to cold call people about pension opportunities or reviews – a misunderstanding that could make it harder to recognise one of the most common warning signs of a pension scam.

According to Report Fraud, UK pension scam victims lost an average of around £47,000 last year2, highlighting the importance of protecting retirement savings that people have often spent decades building. More broadly, the findings suggest some savers may be vulnerable to approaches that exploit misunderstandings about how pensions work, what legitimate firms can and cannot do, and which checks are worth making before taking action.

How did people score on a pension scam test?

The research explored several common myths and misunderstandings that scammers can use to make fraudulent approaches appear more convincing.3

  • Nearly three in four (73%) either believed that if a company appears on the FCA register, any investment it offers is guaranteed to be safe, or were unsure.
  • Three in five (60%) either got the answer wrong or said they did not know whether pension providers or advisers are legally allowed to cold call people about pension opportunities or reviews.
  • Four in ten (40%) either believed you can withdraw money from your pension at any age or said they did not know.

The findings suggest there is an opportunity to improve understanding of some key pension rules and scam warning signs, helping more people feel confident identifying risks and making informed decisions about their financial future.

False signs of trust

The findings also suggest some people may be placing trust in factors that do not necessarily indicate whether a pension opportunity is genuine. One in five (20%) believe a professional-looking website and positive online reviews are reliable indicators that a pension opportunity is genuine, while one in seven (14%) believe adverts on professional or social networking sites mean a company is trustworthy and can act in their best interests.

Encouragingly, more than half (53%) correctly identified that a pension scam may involve real companies, real advisers and genuine paperwork, suggesting many people recognise that modern scams are not always easy to spot. This is an important distinction, as some of the most serious risks can arise where an approach looks legitimate on the surface but involves unsuitable investments, poor advice or recommendations that are not in a saver’s best interests.

Not everyone is carrying out independent checks

Despite this, some people are still not taking independent steps to verify opportunities before engaging with them. While some said they discussed the opportunity with family or friends (7%) or researched the company online (7%), 8% admitted they carried out no checks at all.

Donna Walsh

Pension scams do not always look like scams. They can come with convincing websites, positive reviews, familiar names and paperwork that appears genuine, which is exactly why they can be so dangerous.
What stands out from our test is that many people could benefit from greater awareness of some key pension rules and warning signs. That's important because understanding how pensions work can help people make more confident decisions and better protect the savings they've worked hard to build.

If someone believes they can access their pension at any age or trusts a professional-looking website without making further checks, it becomes much easier for a scam to sound plausible. With changes to the inheritance tax treatment of pensions approaching, some people may be reassessing their retirement plans and considering how best to pass on wealth to future generations. Fraudsters are often quick to exploit periods of change and uncertainty, so it's particularly important to be cautious of anyone claiming to offer a simple fix or a way to avoid future tax bills.

The best protection is to pause, check independently and avoid being rushed. A legitimate pension opportunity should never depend on pressure, urgency or confusion. The more people understand the warning signs and know which checks to make, the better placed they are to protect their savings, achieve greater financial security in later life and make informed decisions about their financial future.

- Pensions expert at Standard Life

Donna Walsh shares four ways to spot the warning signs of a pension scam

  1. Be cautious about unexpected contact

    “If you receive an unexpected call, email, message or offer relating to your pension, it is worth treating it carefully from the outset. Scam approaches can take many forms, and being contacted out of the blue should prompt extra caution.”

  2. Do not let anyone rush you

    “Pressure to act quickly can be a major warning sign. Decisions about your pension are long-term financial choices, so anything that pushes you to move fast, transfer money or make your mind up on the spot should give you pause.”

  3. Looks can be deceiving

    “A professional-looking website, positive reviews or adverts on social media do not automatically mean an opportunity is genuine. Scammers know how to create a sense of credibility, so it is important to look beyond first impressions.”

  4. Check independently before taking action

    “If something does not feel right, take time to verify it independently and avoid relying solely on information provided by the person or company that contacted you. Contact your pension provider directly using details you trust, check whether any firm or adviser is properly authorised and, if you are unsure, consider seeking guidance or regulated financial advice before making any significant decisions.”

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Notes to editors

1 Opinium surveyed 2,000 UK adults nationwide between 9th – 16th June 2026. Quotas and post-weighting were applied to the sample to make the dataset representative of the UK adult population.

2 The Pensions Regulator – Fighting pension fraud reference slides - March 2025

3 Pension scam awareness test results

Statement tested Correct answer Incorrect or unsure %
You can withdraw money from your pension at any age False 40%
Putting money into overseas property and cryptocurrency always offers higher returns than putting money into a pension scheme False 53%
If a company appears on the FCA register, any investment it offers is guaranteed to be safe False 73%
Offers of a "free pension review" from an unknown company can sometimes be a scam True 29%
Pension providers or advisers are legally allowed to cold call people about pension opportunities or reviews False 60%
A professional-looking website and positive online reviews are reliable indicators that a pension opportunity is genuine False 40%
Scammers always ask people to transfer a small portion of a pension initially to build trust False 85%
A company using terms such as "wealth preservation", "alternative assets" or "private markets" does not necessarily mean the investment is safe True 33%
A pension scam may involve real companies, real advisers and genuine paperwork True 47%
Adverts on professional or social networking sites mean a company is trustworthy and can act in your best interests False 35%

* Percentages shown represent respondents who answered incorrectly or selected "Don't know".

About Standard Life

Standard Life is a retirement specialist focused entirely on retirement saving and income. We are proud to manage around c£317bn in assets on behalf of our 12 million customers, and we champion the belief that everyone's journey to and through retirement can be better.

With our focus entirely on retirement savings and income we want to be the business that people trust to guide their retirement journey, helping our customers achieve better outcomes and greater financial security in later life.

As a FTSE 100-listed group we are using our size, expertise and influence to shape the world our customers will retire into, and are committed to helping three million more customers by 2035, take action towards a better retirement.

Standard Life is a responsible investor with a clear commitment to supporting a more sustainable future. The Group has achieved its net zero goal across its emissions for 2025 and is working towards net zero investment portfolios by 2050 or sooner.

Standard Life is recognised as a leading employer, with long-standing accreditation as a Living Wage Employer, Living Pension Employer and Carer Positive Exemplary Employer and in 2025 became one of Britain’s Most Admired Companies in 2025.