Pension schemes have been warned that savers face a growing risk of scams as unused pension pots are set to be brought within inheritance tax (IHT) calculations.

Standard Life issued this warning ahead of the 6 April 2027 deadline, when unused pension pots will be brought into the scope of IHT.

The retirement specialist said that risks are more likely at times of greater uncertainty and urged the pensions industry to intervene early.

Standard Life head of master trust, Donna Walsh, commented: “With less than a year to go until unused pensions are brought into the inheritance tax regime, many savers will understandably be reassessing how their retirement savings are structured and passed on.”

Research from the firm found that one in five (22 per cent) adults already felt less confident about pensions because of the changes, of which over half (54 per cent) were worried that beneficiaries could face higher IHT.

However, Walsh explained that “periods of heightened uncertainty” can also make individuals more vulnerable to scams, “particularly where decisions are rushed or poorly informed”.

Walsh said fraudsters may still pressure people to act urgently, regardless of their circumstances or whether their pension is likely to fall within IHT.

“Scammers may use the opportunity to position themselves as offering ‘solutions’ to minimise inheritance tax, including promises to move pension savings into structures claiming to offer IHT-free outcomes,” she added.

Pension scam victims had an average of around £47,000 stolen from them, according to the Money Helper website.

“Those with larger pots may be thinking about how best to pass on wealth,” Walsh explained, “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 being rushed into action – especially if someone is pushing a ‘quick fix’ or playing on fear.”

Indeed, Walsh added that pension scams were becoming increasingly sophisticated, putting pressure on providers and trustees to strengthen protections as member enquiries rise ahead of the deadline.

She also explained that pension savers were increasingly at risk of falling for artificial intelligence (AI) and deepfake tactics, as fraudsters become increasingly sophisticated. “That’s why early, consistent intervention is so important.”

Describing what this early intervention should look like, Walsh said: “Across the industry, we need to ensure that our systems and due diligence keep pace with scam tactics and that savers are educated about the risks and warning signs throughout their entire savings journey, rather than relying solely on checks at the point of transfer.

“As we approach significant changes to how pensions are treated for inheritance tax purposes, clear communication, ongoing education and strong cross-industry collaboration remains critical to reducing scam risk and maintaining confidence in the pensions system,” she concluded.

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