People being targeted by cold callers who are falsely claiming to offer new, free Government-backed retirement guidance could end up putting their money into risky investments and losing their pension savings, the City regulator has warned.

The Financial Conduct Authority (FCA) is alerting consumers to beware of phone calls, emails, text messages and online adverts offering them a "free pension review" and being encouraged to move their pension to "get better returns".

The regulator said it was hearing evidence that some callers were claiming to represent the Government after it announced plans in the recent Budget to offer impartial face-to-face guidance on the range of options people had available for their pension pots.

The guidance has not yet been launched and it will coincide with plans from April 2015 to give people over 55 the freedom to take their pensions however they like.

The FCA said that as the new guidance initiative was still at the development stage, "claims to be linked to it are highly unlikely to be true".

The regulator said the reviews were designed to persuade you to move your money out of your existing personal or occupational pension into a self-invested personal pension (SIPP) or a small self-administered scheme (SSAS).

The FCA said people who were considering reviewing their pension arrangements should consider getting independent advice from an authorised financial adviser.

Consumers can check the adviser is authorised by the FCA and allowed to give pensions advice at www.fca.org.uk/firms/systems-reporting/register