Analysis by AJ Bell, of figures from the City of London Police, has revealed that £51m has been lost to fraudsters, so far this year. The figures show that people’s pensions are the most common target of scams, with the average age of the victim being 57 years.

AJ Bell Senior Analyst Tom Selby said: “Pensions – usually the most significant financial asset someone will have available to them – are often the target and these recent figures suggest the problem could be getting worse rather than better.”

This analysis backs up a report, early this year, by the Department of Work and Pension’s Select Committee, which indicated that Britain was facing a pension scam crisis.

Scams affect people from all walks of life, with almost 11 million people each year receiving cold calls about their pension. Some fraudsters are even pretending to be staff from the Pensions Regulator. The callers offer savers a ‘free pension review’ but the Regulator has warned that they never cold-call people about their pensions.

A spokesperson for the Regulator has urged anyone else who is contacted to call Action Fraud. The spokesperson went on to advise “If anyone cold-calls you about your pension, it is an attempt to steal your savings. Just hang up.”

No one is immune, if you are concerned about you, friends or family being a victim of pensions fraud, please visit Action Fraud on


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