London, March 23, 2026 (GLOBE NEWSWIRE) -- Pension Justice is warning retirees and those approaching retirement to remain vigilant against pension scams after Financial Conduct Authority (FCA) research estimated that approximately 800,000 UK adults lost money to investment and pension-related scams in the 12 months to May 2024. [1]
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Further research also suggests that as many as one in five pensioners may have been the victim of a mis-selling scam at some point, highlighting the scale of the issue facing retirees across the UK.
Pension Justice, recognised as experienced UK pension solicitors, says behind these figures are life-changing personal consequences for individuals who believed they were making legitimate retirement decisions.
Real Lives, Real Losses
Cases highlighted in national reporting illustrate how sophisticated modern scams have become.
In one widely reported example, “Heather” and her husband, careful retirement planners who had paid into pensions throughout their working lives, chose to consolidate their pension arrangements. Despite carrying out checks beforehand, they were persuaded to transfer funds into what later proved to be a high-risk investment scheme. The couple estimates losses of approximately £250,000, significantly altering their planned retirement timeline.
In another case, a retiree referred to as “John” reportedly lost close to £500,000 after transferring his pension following advice that appeared credible at the time. The shock of the loss led to serious stress-related health consequences and delayed retirement.
“These cases demonstrate that pension scams are not limited to reckless decisions,” a spokesperson for Pension Justice said. “Many victims believe they are dealing with regulated professionals. Fraudsters now operate with convincing websites, official-sounding documentation and persuasive advisers.”
How Pension Scams Operate
Common tactics include:
- Unsolicited calls or messages regarding pension reviews
- Promises of guaranteed or unusually high returns
- Pressure to transfer funds quickly
- Introductions to overseas or complex alternative investments
Although cold calling in relation to pensions is banned in the UK, scammers frequently exploit online advertising, cloned firm websites, and social media platforms to initiate contact.
“If you are unexpectedly contacted about your pension, that is an immediate red flag,” the spokesperson added. “High returns with little or no risk simply do not exist in legitimate pension investing.”
Prevention and Early Action Are Critical
While some victims may pursue complaints through firms, the Financial Ombudsman Service, or specialist legal channels, recovery can be lengthy and is not always guaranteed. Early advice significantly improves prospects where unsuitable pension transfers or negligent advice are involved.
Pension Justice is urging savers to independently verify firms through the FCA Register, avoid acting under pressure, and seek fully authorised financial advice before transferring pension funds.
“Your pension is often your largest lifetime asset outside your home,” the spokesperson said. “Taking time to verify who you are dealing with and seeking regulated advice can prevent irreversible losses.”
With hundreds of thousands of adults affected by investment and pension scams in the past year alone, Pension Justice says continued public awareness and regulatory vigilance remain essential to protecting retirees across the UK.
About Pension Justice
Pension Justice is a UK-based legal practice specialising in pension mis-selling claims, pension transfer advice disputes, and recovery actions related to pension scams. The firm works with individuals nationwide who have suffered financial loss following unsuitable pension advice or fraudulent schemes.
Press Inquiries
Howard David
Senior Pension Solicitor
pensionjustice [at] clearlawonline.co.uk
https://pensionjustice.co.uk/
A video accompanying this announcement is available here: https://youtube.com/watch?v=wZYE821NmKM
