More than £30 million lost to pension scams
26th August 2020
Almost £31 million has been lost to pension fraudsters in the past three years, according to new figures based on complaints filed with policing body Action Fraud.
The reports show that losses range from £1,000 to as much as half a million. Most victims were men in their 50s.
A new anti-scam campaign fronted by football commentator Clive Tyldesley is being backed by the Financial Conduct Authority and the Pensions Regulator.
A survey accompanying the launch of the campaign found that nearly two thirds of respondents (65%) felt they'd be confident in spotting a scam.
At the same time, the responses from 39% suggested they might fall for common scam tactics such as supposed time-limited offers or guaranteed high returns.
The campaign warns against feeling rushed or pressured into making decisions about pensions; advises consumers to reject pension offers made online, on social media or over the phone; and suggests checking any new pensions provider on the FCA's register of authorised providers.
Charles Counsell, chief executive of the Pensions Regulator, said:
"Scammers wreck lives and no matter how big or small your savings are, every pot is a target. It may seem tempting to make a change to your pension fund now, but it's important not to rush.
"Before making any decision about your pension, take your time, and visit the ScamSmart website to always check who you are dealing with."
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