Ronnie wants your pension

Lesson 10 of 13 in our free Pensions guide: a 5-minute money game with the key points below.

This lesson is in the full version.

Free with a code from your uni, college, council, landlord or employer (worth £600/year). Lesson 1 of Pensions is free for everyone.

Quick facts

Red flag: “I'm calling about your pension.” — An unexpected call about your pension: pension cold calling is banned in the UK.
Red flag: “We're offering a free, no-obligation pension review.” — A 'free review' is a common hook.
Red flag: “We can release cash from your pension before 55 with no tax.” — Early access usually triggers big tax charges — and often isn't legit.
Red flag: “It'll go into overseas forest bonds paying 12% fixed.” — Exotic investments with high 'fixed' returns are classic scam bait.
Red flag: “A courier can bring the paperwork today — just sign quickly.” — Pressure to sign fast without reading or checking.
A cold call or text about your pension → Warning sign. Banned in the UK. Hang up.
Your scheme sending an annual statement → Normal. Normal and useful — read it!
Offers to access your pension before 55 → Warning sign. Big tax charges and scam risk.
Being told 'act now, offer ends today' → Warning sign. Pressure is a scam tactic.
Using free government guidance before making decisions → Normal. Green flag — impartial and free.
Fact: “Pension cold calling is banned in the UK.” — If you get one, it's almost certainly a scam.
Fact: “Taking pension money out early through an unauthorised route can lead to tax charges of up to 55%.” — On top of whatever the scammers take.
Myth: “If a firm has a professional website, it must be legit.” — Anyone can make a nice website. Check the FCA register.