Pension freedom scam fears 'coming true'

Freedom and choice in operation for 12 months

clock • 4 min read

People are at risk of being scammed as fraudsters take advantage of the pension freedom reforms, according to Citizens Advice research. Stephanie Baxter looks at the issues

When pension freedom was first announced in 2014 many people in the industry warned there would be a rise in scammers and savers would be poorly equipped to deal with them. These fears are becoming reality, with The Pension Regulator (TPR) revamping its scorpion campaign to warn of the dangers as "thousands" of people are falling for scams. A report from Citizens Advice, Too good to be true, finds people are receiving high levels of unsolicited calls, with 10.9 million having received unsolicited contact about their pension since last April. This includes 2.4 million consumers aged 55...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Pensions

Many savers fear smaller pension pots after salary sacrifice reforms

Many savers fear smaller pension pots after salary sacrifice reforms

Two-thirds think changes will mean paying more National Insurance

Jasmine Urquhart
clock 08 January 2026 • 2 min read
Evolution of pension recommendations and how 2026 may influence change

Evolution of pension recommendations and how 2026 may influence change

Next year could be the start of something big

Richard Hulbert
clock 06 January 2026 • 4 min read
Preparing for 2029: Adapting to the Budget's salary sacrifice cap

Preparing for 2029: Adapting to the Budget's salary sacrifice cap

'While this policy alters the landscape, it arguably represents an adjustment rather than a fundamental reform'

Steve Charlton
clock 22 December 2025 • 3 min read