What’s pension fraud? How one can keep away from scams as you strategy retirement

After years of saving for retirement, the very last thing you need is to lose your cash to pension fraud. But scammers duped savers out £2.2 million within the first 5 months of 2021, with scams turning into extra refined and more durable to identify through the pandemic.

The typical loss was £50,949, based on complaints filed with Motion Fraud (opens in new tab), which is greater than double the 2020 determine (£23,689). Pension scams have sadly grow to be more and more widespread, with fraudsters looking for out each alternative to rob savers of their pension financial savings.