Pension scam victims 'could lose 22 years of pension savings in 24 hours'

14 Nov 2019

Pension scam victims could lose 22 years of savings in 24 hours, according to the Pensions Regulator (TPR) and the Financial Conduct Authority (FCA).

A new report published jointly by the TPR and the FCA has suggested that it could take up to 22 years for a saver to build a pension pot of £82,000 – the average amount individuals lost to pension scams in 2018.

63% of individuals surveyed stated that they feel confident making pension decisions. However, an additional 63% said that they would trust someone offering pensions advice out of the blue.

Regulators have urged savers to familiarise themselves with the warning signs associated with scams, and to always check who they are dealing with before making any decisions about their pension savings.

'Pension scammers ruin lives, stealing away decades of savings with professional-looking websites, 'expert' advice and an easy manner, making it tough to spot the fraud,' said Nicola Parish, Executive Director of Frontline Regulation at the TPR.

'But once you sign on the dotted line, often there's no second chance. Scams can happen to anyone, so before making any decision about your pension, take your time, be scam smart and always check who you are dealing with.'