What to do if your pension transfer is stopped or delayed

When you ask to transfer money from one pension provider to another, your current provider must decide if you’re at risk of a pension scam.

This means they usually need to check various details, including:

• the type of scheme you’re transferring to

• how the new scheme is authorised and/or regulated

• your adviser’s details, if you’ve had advice about the transfer.

You might also need proof of where you work if you’re transferring to an employer’s pension scheme, or proof of where you live if you’re transferring to a scheme overseas.

If your pension provider is concerned the transfer might be a scam, they can decide to: 

• stop your transfer or

• delay your transfer until you’ve booked a free Pension Safeguarding Guidance appointment.

They’ll tell you their decision and what you need to do next. You should receive this within six months of making the transfer request.

These checks are important – over £17 million was lost to pension scams in 2023, with an average loss of £47,000 per person. This is based on official data from Action Fraud, with figures likely to be even higher as not all scams are reported. 

Your pension provider can stop your transfer if they believe there’s a high risk of you being scammed. These serious concerns are known as red flags and might include: 

• the transfer request being made after a cold call 

• receiving transfer advice from an unregulated adviser 

• being promised a payment or other incentive for making the transfer 

• not receiving any required information from you within a reasonable amount of time. 

Your pension provider will tell you the transfer won’t be going ahead and explain how you can complain if you don’t agree with their decision.  

For more help, see our guide How to complain about a problem with your pension. 

Your pension provider might decide to delay your transfer if there’s a risk of you being scammed. These concerns are known as amber flags.

Your pension provider doesn’t have to tell you the reason, but amber flags might include the pension scheme you’re transferring to having:

• unusually high or unclear charges

• unregulated, high risk or overseas investments

• an unclear or unusual structure

• an unusually large increase in transfers in or involving the same adviser.

You can still decide to make the transfer, but you’ll need to get free guidance first. 

This is called a MoneyHelper Pension Safeguarding Guidance appointment. During the appointment, one of our pensions specialists can explain the potential risks and impacts of transferring your pension benefits. 

This appointment is independent, impartial, free to use and backed by the government.

Your pension provider will let you know if you need to book an appointment and will send you a link to book it online.

You must use that link to book your Pension Safeguarding Guidance appointment. You can’t arrange one any other way.

During the appointment, a pensions specialist will ask you for details of the transfer and your financial circumstances. They can then give you:

• guidance to help you identify if you’re at risk of being scammed

• information about additional checks you can make to help you feel confident in your decisions 

• a summary of the dangers of pension scams.

You’ll also get proof you’ve attended the appointment. You’ll need to send this to your pension provider if you’d still like them to make your transfer. 

For more help, see our guide How to spot pension scams. 

If you don’t need to book a Pension Safeguarding Guidance appointment for a delayed transfer, we can help you with other pension questions by webchat, phone and email. 

If you’re 50 or over with a UK defined contribution pension, you can also have a free Pension Wise appointment to understand the different ways you can take your pension.