Dear resident,

#ProtectYourPension: Action Fraud warns to look out for pension fraudsters as new data reveals a total loss of £17.7 million in 2023

Action Fraud is warning savers to stay vigilant and protect their pensions and investments from fraudsters trying to trick people out of their lifetime savings, as new data reveals £17.7 million lost to pension fraud last year.

There were 559 reports of pension fraud in total within the UK and £17,750,635 lost in 2023, with an average loss of £46,959 per person.

Thames Valley Police saw a total reported loss of £737,591 across 20 cases. 

Action Fraud, the national fraud and cybercrime reporting service, has launched a pension fraud awareness campaign, warning people to protect their pension pots and investments from fraudsters, by encouraging the public to do their research before making changes to pension arrangements.

Pension fraud often includes free pension reviews, too good to be true investment opportunities, pension transfer opportunities, or offers to help release money from your pension , even if you’re under 55.

Data also revealed April had the highest number of reported losses, accounting for 15% of total reported losses in 2023. Individuals who go on to report fraud, tend to check on their pensions to review their financial positions in the new financial year and only notice the fraudulent activity upon checking their pension’s status. 

For more information see attached document.