MoneyPensionsNew research by retirement specialists Standard Life shows alarming gaps in awarenessRory Poulter10:15, 09 Aug 2026Millions of people saving for retirement are at risk of being caught out as one group lost an average of £47,000 each, new research suggests.‌Many people are unable to identify some of the most basic warning signs of a pension scam, according to a survey by retirement specialists Standard Life. The findings come as experts warn fraudsters are likely to exploit growing uncertainty over pensions, with major changes to inheritance tax rules due to come into force from April 2027.‌According to the research, three in five (60%) adults either wrongly believe – or are unsure – that pension providers and financial advisers are legally allowed to cold call people about pension opportunities. In reality, unsolicited pension cold calling has been banned for years and is regarded as one of the clearest warning signs of a scam.‌The research also found:40% wrongly believe, or are unsure, that pension savings can be accessed at any age.73% incorrectly think, or are unsure, that every investment offered by a firm on the Financial Conduct Authority register is automatically safe.40% wrongly believe a professional-looking website and glowing online reviews prove a pension opportunity is genuine, or are unsure.35% mistakenly think adverts on professional or social networking sites mean a company can be trusted.‌The warning comes against a backdrop of huge financial losses. Figures cited by Standard Life show the average pension scam victim lost around £47,000 last year, underlining the devastating impact fraud can have on retirement savings built up over decades.Scammers have become increasingly sophisticated, often using genuine-looking paperwork, cloned websites and even authorised firms to make fraudulent investments appear legitimate.Worryingly, the survey also found some people fail to carry out even basic checks before acting. While a small number said they researched the company or discussed the opportunity with friends or family, 8% admitted they made no checks at all.‌Donna Walsh, Head of Master Trust and IGC Governance at Standard Life, said: "Pension scams are increasingly sophisticated making them appear genuine. They can come with convincing websites, positive reviews, familiar names and paperwork which is exactly why they can be so dangerous."She added: "With changes to the inheritance tax treatment of pensions approaching and people likely to be reassessing their retirement plans increased vigilance is required, with fraudsters often quick to exploit periods of change and uncertainty.“The best protection people can take is to pause, check independently and avoid being rushed. A legitimate pension opportunity should never depend on pressure, urgency or confusion. If in doubt, contact your pension provider.”‌How to avoid a pension scamExperts say savers should be on their guard if they receive an unexpected approach about their pension.Key warning signs include:Article continues belowUnsolicited calls, texts or emails offering pension reviews or investment opportunities.Promises of unusually high or guaranteed returns.Pressure to make a quick decision or transfer money immediately.Claims that investments in overseas property, cryptocurrency or "alternative assets" are risk-free.Requests to access pension savings before the normal minimum pension age without explaining the tax consequences.The advice is that anyone considering moving or investing their pension should take independent financial advice and verify firms directly through the Financial Conduct Authority rather than relying on websites, reviews or social media adverts alone.Choose Daily Mirror as a 'Preferred Source' on Google News for quick access to the news you value.‌PensionsTaxInheritance taxSavingsScams