Pension scams

Warning signs

You can help make sure you don’t become a victim if you know the warning signs of a scam.

Pension scammers usually offer:

• upfront cash or guaranteed returns if you transfer or cash-in your pension pot and move your money to another scheme
• early access to your pension pot if you’re under 55 (age 57 from 2028)
• high-risk investment opportunities such as overseas property and hotels, renewable energy bonds, parking or storage units

Scammers might use phrases like:

• loan or savings advance
• pension liberation
• free pension review 
• one-off investment
• loophole

Scams are designed to be appealing but if you get taken in it’s likely your money will be stolen. You could also face a large tax bill for taking an unauthorised payment from your pension pot.

How scammers target you

Pretending to be Nest

They call, email, text or contact you through social media pretending to be from Nest and will ask you to confirm personal information. We’ll never ask you to prove your identity by sharing a password or one-time passcode with anyone else.

If in doubt, hang up and wait 5 minutes before calling our main helpline 0300 020 0090, ideally from a different phone.

You can also log in and email us from your secure online account.

Pretending to be another pension provider

They call unexpectedly and pressurise you to accept an attractive pension offer with guaranteed returns, early access to your pot or a free pension review.

Pension cold-calling is banned in the UK, so calls like this are likely to be fraudulent.

Or they email, text, contact you through social media or show up at your door with an attractive pension offer. The chances are it's a high-risk offer that would invest your money in unstable and unprotected investments, or it's a scam that will simply steal your savings.

However you’re approached, be suspicious of high-pressure tactics or investment opportunities with limited time offers or one-off deals.

Pretending to be an IT pro

They contact you by phone or online recommending or offering help with your phone, computer or accessing your account. The chances are high it’s a fraudster looking to get remote access to your device and your log-in details.

If in doubt, hang up and report the contact to Action Fraud.

Other ways

Scammers’ methods are always changing. Learn about their tactic through the government’s Stop! Think Fraud pages.

Report fraud

Think you’ve been a victim? If your Nest account has been subject to fraud or you’ve accidentally given away your details, tell us straight away and then report it to Action Fraud.

If you receive suspicious emails, please forward them to phishing@nestpensions.org.uk and then delete them. Run your anti-virus apps if you’ve opened any links or attachments.

Five ways to protect yourself from pension scammers

1. Reject an unexpected pension offer, whether it’s made to you online, in person or over the phone. Stop! Think Fraud has info to help you learn how to spot scammers.
2. Always check who you’re dealing with. Make sure that anyone offering you pensions advice or services is authorised by the Financial Conduct Authority (FCA). You can do this by using the FCA’s register or calling its helpline on 0800 111 6768.
3. Don’t be rushed into making a decision about your pension or sign anything under pressure. It’s your money and losing it will affect your financial future.
4. Think about getting independent guidance and advice about any offer to transfer your pension. MoneyHelper offers free impartial guidance and can help you find an authorised financial adviser.
5. Know where to go to get info about the latest scams. Stop! Think Fraud, the FCA, MoneyHelper and The Pensions Regulator (TPR) all have dedicated web pages to help you protect yourself.