Over £30m has been reportedly lost to pension scammers since 2017, according to complaints filed with Action Fraud.
The Financial Conduct Authority (FCA) and The Pensions Regulator (TPR) have explained that scammers targeted pension pots of all sizes, with reported losses reaching as much as £500,000 per pot.
According to new research from the FCA and TPR, the average victim is a male in his 50s, who is more likely to be victim if they don’t know how much is in their pension pots. Scammers persuade victims to transfer their pension pot by setting “time-limited offers” and deadlines to pressure victims into releasing their money.
The research takes a particular focus on football fans approaching retirement and found that less than half (43 percent) know how much their pension is worth, and 45 percent don’t know how to check if an approach about their pension is legitimate.
Mark Steward, executive director of enforcement and market oversight at the FCA, said: “During these uncertain times, it is more important than ever to defend your lifetime savings from scammers. Fraudsters will seek out every opportunity to exploit innocent people, no matter how much or little you have saved.”
Charles Counsell, chief executive of TPR, 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.”