Nearly £2m has already been lost to pension fraud this year with the true cost likely to be much higher as victims often do not realise they have been scammed for several years.

Data from Action Fraud shows there has been an increase in reporting so far this year, with 107 reports of pension fraud received in the first three months of 2021, a 45% increase on the same period last year.

An estimated £1.8m has been lost to pension scams so far this year. Despite this there has been a steady fall in pension scam reports over the past few years with data from Action Fraud showing a fall in reports from 1,788 in 2014 to 358 in 2020, a reduction of almost 80%.

Action Fraud has launched a new national awareness campaign today to remind the public about the importance of doing research before making changes to pension arrangements and to encourage all instances of pension fraud and attempted scams are reports to Action Fraud.

The campaign includes asking savers to consider getting impartial information and advice from a financial adviser authorised by the FCA “to help you make the best decision for your own personal circumstances.”

It also includes a reminder that even genuine investment schemes can be high risk and if saver are contacted about an investment opportunity they should seek advice before making any significant financial decision.