'Sharks and bandits' are lurking, waiting to take advantage of the new flexibility in pensions, delegates were told this afternoon.
The dangers of pension liberation were discussed at a TISA event looking at the looming challenges of pension transfers.
Jeffrey Mushens, technical director at TISA, said: "There are sharks out there, bandits who would like to steal and misuse customers' money."
Jamie Jenkins, head of workplace strategy at Standard Life expressed similar concerns, saying: "People will try to take advantage. There will be people who think ' as soon as I can figure out how to con people out of their money I will'."
Sunday Times and Telegraph writer Theresa Hunter also touched on this subject in her presentation.
Speaking about the increased flexibility in retirement income arising from the Budget reforms, she said: "Pensions liberation sounds great but as most of us know it can be hugely damaging and dangerous in the wrong hands.
"It can become pension destruction ...or fall prey to fraudsters."
She said: "The world of pensions is changing, we all know that. Quite how the landscape will look in ten years time is difficult to predict."
Meanwhile on pension transfers, Tom McPhail from Hargreaves Lansdown said it "beggars belief you can't transfer cash electronically" and said transfers should be possible in days not weeks.
He believes providers should be required to sign up to a standard model but admitted consensus was difficult.
He said the annuity reforms were a sign of what happens if the industry waits too long.
Damning reports around the turn of the year from bodies including the FCA year paved the way for the Budget announcement in March, he said.
On the pot follows members policy Mr McPhail said it was a "game changing moment in beautiful game of pension transfers".

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Mr Jenkins described it as 'precarious', saying it had not been seen as a priority.
Mr Mushens also warned that change for the industry is inevitable and necessary in regulatory terms. He said: "The industry has a lot of self inflicted wounds."
He said: "Self regulation is something we will have to face up to.
"If we don't do it we will be forced to do it in a way we don't like and in a way we don't think is workable.
"If we can get transfers in days not weeks that's a good deal for customers and for us and that's a deal we should embrace."
The conference has also been hearing from experts including:

• Ben Cocks, Software Products Director, Altus Ltd 'Service Provider view on open market solutions'
• Paul Pettitt, CEO, Origo Services Ltd, 'Service Provider view on open market solutions'
• Toni Clark, Automatic Transfers Policy, Private Pensions Policy and Analysis Division, DWP 'Need for Industry Action'
• Simon Laight, Partner, Pinsent Masons LLP 'Pension Liberation'