Millions say they have received unsolicited emails, texts and calls from people encouraging them to transfer or release money from their pension.

The survey for LV= found that only a third of people (32%) knew how to report a scam.

Some 27% of the UK adult population - 14m people - say they are are worried that they may fall prey to a pension scam.

The LV= Wealth and Wellbeing Monitor survey of 4,000 UK adults revealed that 8% of people know someone who has fallen victim to a pension scam.

The mass affluent, those with assets of between £100,000 and £500,000 excluding property, are especially worried about pension scams with one in four already targeted by pension scammers. 

Nearly a third (31%) fear falling victim to a scam, more than half (55%) say scams are hard to spot and 41% want to learn more about preventing them.

Clive Bolton, managing director of Savings and Retirement at LV=, said: “The LV= Wealth and Wellbeing Monitor highlights just how fearful people are of pensions scams. Pension scammers bombard the public with scam calls, texts and emails and it can be easy to fall victim to a scam.”