Rise of pension pot scammers

Horror as £17.5m was stolen by fraudsters in 2024

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In the 30 years I have been a regulated financial planner, I've encountered pension scams twice - both linked to the same company.

Despite being very academically bright and wealthy, the couples affected didn't realise they had been scammed. Years later, they still haven't recovered their money.

Pension scammers continue to target pots of all sizes, with individual losses ranging from under £1,000 to as much as £500,000.

While the typical victim is often described as a man in his 50s, it’s important to note that anyone can fall prey to these scams.

The most recent data from Action Fraud shows that more than 500 cases were reported in 2024, with victims losing an average of £33,848.