U.K. — Standard Life has warned that pension scams offering inheritance tax loopholes will become more common before April 2027. The pension provider said fraudsters are exploiting confusion or anxiety over new U.K. inheritance tax rules to try to convince people to move their pension money, including into overseas schemes marketed as ways to avoid the levy.

From April next year, any money left in a defined contribution pension after death will be brought into the inheritance tax net. The basic tax-free threshold for an estate is £325,000.

Donna Walsh said the rule changes create the conditions fraudsters look for. "With these changes, people become uncertain and a little bit confused around what they can do, what will and will not happen. And that's exactly the type of conditions that scammers are set to exploit," she said.

Pension scams often start with unsolicited emails, calls or messages offering a free review of a pension or access to an overseas investment scheme with high returns. Cold calling about pensions is illegal. Scammers often pressure targets by saying there is a limited time to accept their offer, and they coach targets on how to answer pension provider questions to facilitate fund transfers. Common phrases used by scammers include "pension liberation", "loan", "loophole", "savings advance", "one-off investment" and "cashback", according to the Pensions Regulator.

Mike Ambery urged savers to take time before acting on offers tied to the rule changes. "Those with larger pots may be thinking about how best to pass on wealth, particularly where pensions could face inheritance tax and then income tax for beneficiaries. For some, that might involve longer-term planning or decisions about gifting, but there's rarely a one-size-fits-all answer. What's important is not to be rushed into action – especially if someone is pushing a 'quick fix', or playing on fear," he said.

The Financial Conduct Authority provides an online tool to verify if a company is authorized. The MoneyHelper service can help individuals find a regulated financial adviser.