Action Fraud is warning savers to stay vigilant and protect their pensions and investments from fraudsters trying to trick people out of their lifetime savings, as new data reveals £17.7 million lost to pension fraud last year with an average loss of £46,959 per person. Thames Valley Police saw a total reported loss of £737,591 across 20 cases. 

Detective Inspector Duncan Wynn of The Central Fraud Unit, said: “Pension fraud can not only cause life changing large financial losses, but it also serves to shatter lifelong dreams and goals with many having to alter their plans for later life. Fraudsters will present as ‘experts’ with your best interests at heart, but their number one goal is always to leave you out of pocket. Always seek advice, being pressured or rushed is a sure sign something is not right. Do not be afraid to challenge, this is your money you have worked for, and you have every right to say no. 

Claire Webb, Acting Director of Action Fraud, said: “Criminals will go to great lengths to trick anyone out of their money, in this case, it’s someone’s lifesavings at risk. Losing any sum of money saved for retirement can be devastating. “Prevent a fraudster from taking away the hard-earned cash you’ve put towards your retirement by protecting your pension and investments and doing the research on who you’re dealing with before making any big changes. “Avoid pension opportunities offered out of the blue, like pension reviews or too good to be true investment opportunities. Don’t let anyone rush you into making big decisions and seek advice from an independent professional service or trusted family and friends.” 

Pension fraud often includes free pension reviews, too good to be true investment opportunities, pension transfer opportunities, or offers to help release money from your pension , even if you’re under 55. which is generally not permitted and can lead to you incurring penalty charges. 

Steve Smart, Joint Executive Director of Enforcement and Market Oversight, at the Financial Conduct Authority, commented: “It doesn’t matter the size of your pension pot, scammers will target anyone to destroy their retirement dreams so it’s vital that consumers know how to protect themselves. “The best way to protect yourself is to know who you’re dealing with. Always check the FCA Register to make sure that anyone offering you pension advice, or any other financial service is authorised by the FCA to perform the service they are providing for you, and that the details they are providing are the same as those on the Register. “Unexpected and unsolicited offers, free pension reviews, promises of high returns which sound too good to be true and pressure to make a decision quickly are all warning signs of scam. Use the information and tools on the FCA Website to protect yourself and your retirement.

How can you protect yourself? Here are some steps to protect yourself fraudsters trying to get your pension. 

Pressure to invest (eg time-limited offers); Downplayed risk of losing your money; or Promised returns that sound too good to be true. 

For more information on pensions, please visit: https://www.moneyhelper.org.uk/ 

What to do if you have been a victim: 

If you have made a payment: inform your bank as soon as possible, they can help you prevent any further losses. Monitor your bank statements regularly for any unusual activity.