Savers and those reaching retirement age are being warned to protect their pensions and look out for criminals trying to catch people out of their life savings, with Action Fraud revealing a total annual loss of £17,567,249. This equates to roughly £48,129 lost to this type of fraud per day in 2024.

Data reveals there were 519 reports of pension fraud in total and £17,567,249 lost in 2024, with an average loss of £33,848 per person.

Action Fraud, with support from the Pension Scams Action Group (PSAG), launched a pension fraud awareness campaign, warning people to take extra measures to protect their pension scheme accounts and to be cautious of investment opportunity offers from criminals that could be targeting them.

How can you protect yourself against Pension fraud?