What is pension fraud? How to avoid scams as you approach retirement

After years of saving for retirement, the last thing you want is to lose your money to pension fraud. Yet scammers duped savers out £2.2 million in the first five months of 2021, with scams becoming more sophisticated and harder to spot during the pandemic.

The average loss was £50,949, according to complaints filed with Action Fraud, which is more than double the 2020 figure (£23,689). Pension scams have sadly become increasingly common, with fraudsters seeking out every opportunity to rob savers of their pension savings.