At Excel Currencies, we help thousands of expats, immigrants, and international families move money securely across borders every year. Many of our customers are planning retirement abroad or transferring pensions overseas, which is why staying alert to pension scams is so important. These frauds can wipe out life savings in seconds — but with the right knowledge, you can protect what you've worked hard to build.
UK savers lost in 2024
Stolen every single day
Average reported loss per victim
with devastating long-term impacts on retirement plans.
Fraudsters are getting smarter, using AI to create convincing communications, impersonate legitimate organisations, and target people considering international moves. Here's what you need to know in 2026 — and how to stay safe
Contact us protect your pensionScammers no longer just rely on cold calls (which have been illegal in the UK since 2019). Key trends include:
Fraudsters hack or fake identities to access pension accounts, posing as you, your provider, or trusted bodies like the FCA, Pensions Regulator, or even the Fraud Compensation Fund. Nearly a third of recent reports involve attempted impersonation, with 55% of victims aged 50–69.
Deepfakes, realistic emails, and cloned websites make scams harder to spot.
Promises of "guaranteed" high returns, low-risk schemes, or early access via "loopholes".
Scammers target expats with fake QROPS (Qualifying Recognised Overseas Pension Schemes), international SIPPs, or "free reviews" that lead to unauthorised transfers — often resulting in massive tax penalties (up to 55%) or total loss.
Anyone can be targeted — no matter your pension size or financial knowledge. Expats planning moves abroad are particularly vulnerable, as scammers exploit cross-border confusion.
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Be on high alert if you see any of these red flags:
Calls, emails, texts, social media messages, or ads about your pension (even if they seem personalised).
High returns with no risk, early access before age 55, "tax-free" loopholes,or free pension reviews.
Act now or lose out", limited-time offers, or emotional manipulation.
Mobile-only numbers, PO boxes, requests to transfer funds quickly, or links to unfamiliar sites.
Fake alerts about "security issues" requiring you to "secure" funds by transferring them.
Offers to move your UK pension abroad with "better tax benefits" or exclusive expat schemes — without proper regulation.
Follow these practical steps recommended by the Pensions Regulator
(TPR), FCA, and Action Fraud:
Hang up, delete, or ignore. Cold calling about pensions is illegal — report it immediately.
Use official websites only (e.g., fca.org.uk/register to check firms, or fca.org.uk/scamsmart). Never click links in messages.
Use strong, unique passwords (three random words work well), enable 2-step verification (2SV), and monitor statements regularly.
Only use FCA-regulated or HMRC-approved schemes. Check the Overseas Transfer Allowance and potential tax charges. If transferring abroad, consult a regulated adviser familiar with both UK and destination rules.
Contact Action Fraud at actionfraud.police.uk or 0300 123 2040. If a transfer is in progress, alert your pension provider immediately — they may block it.
Speak to MoneyHelper (free, impartial) at moneyhelper.org.uk or Pension Wise for free pension advice before any changes.
Contact your bank/pension provider to freeze accounts,
then report to Action Fraud and seek support from Victim Support.
Many of our customers send money to family abroad, consolidate pensions, or move retirement savings overseas. Scammers know this — they target these moments with fake "expert" advice on QROPS or international schemes.
At Excel Currencies, we always emphasize:
We never cold-call or offer unsolicited pension advice. If you're considering an international transfer, we're here to help with the currency side securely — but always verify your pension decisions separately with regulated professionals.
Pension scams destroy retirements, but knowledge is your best defence. In 2025, with AI making fraud more convincing, take an extra moment to double-check. Your future self will thank you.
Have questions about secure international transfers?
Contact our team today — we're here to help you keep more of your money where it belongs.
Contact our team today
