Since 2015, the Insolvency Service has applied to the courts to wind-up 24 companies that have carried out a form of pension misuse.

The pension misuse varied from convincing people to access their pensions and invest in unregulated schemes to pension trustees not carrying out their duties properly.

The Insolvency Service estimated that there were close to 3,750 victims connected to the 24 companies closed down, including both individuals and businesses, having made £202m worth of contributions.

Consumer Minister Kelly Tolhurst MP said: “Our consumer protection regime is one of the strongest in the world and we are committed to making sure people know their rights.

“If you are approached to make an investment from your pension, always do your homework and seek independent advice, if necessary, to help you make an informed decision.”

Government figures say victims of pension scams last year lost an average of £91,000 each to fraudsters and as identified during FCA and TPR’s ScamSmart campaign, common tactics used include cold-calls, offers of free pension reviews and promises of high rates of return.

The Government recently banned cold calling in relation to pensions and following the wind-ups of the 24 companies investigated by the Insolvency Service, eight directors have received a total of 57 years’ worth of directorship disqualifications.

Tom Selby, senior analyst at AJ Bell, said: “It is horrifying that thousands of retirement savers have fallen victim to cruel retirement scams in recent years.

“Although it is good news a number of the companies involved have now been wound up, this is likely to be the tip of the iceberg when it comes to pension fraud.

“Some victims will be unaware they have been duped for months or even years, while others will simply be too ashamed to come forward and report what has happened.

“Furthermore, it can take a long time for authorities – which are always limited by resource - to build a case against firms involved in scam activity.

“The Government has made a start in tackling pension fraud by banning cold-calling.

“However, these latest figures are just another reminder of the tragic cost of retirement scams, and the protection of savers must remain front-and-centre for policymakers both in Whitehall and at regulators.”

He added: “A huge part of this is ensuring consumers are made aware of the risks of pension fraud and the tell-tale signs of a potential scam.

“The FCA’s ScamSmart initiative, which included a hard-hitting TV campaign, has made a good start in building awareness and this focus must continue now the cold-calling ban is in place.”