Savers and people approaching retirement are being urged to protect their pensions after Action Fraud revealed a total annual loss of £17,567,249 to pension fraud in 2024. That’s around £48,129 lost every single day.
In total, there were 519 reports last year, with an average loss of £33,848 per victim.
The message is clear: pension fraud isn’t rare, and the consequences can be devastating. Here’s what you need to know to keep your life savings safe.
What’s driving the losses?
Reports point to two dominant tactics:
- High-pressure investment approaches: Criminals push “can’t-miss” opportunities and try to force snap decisions.
- Account takeovers: Scammers impersonate savers to gain access to online pension accounts and move money out.
How to protect yourself against pension fraud
Action Fraud has provided some handy tips to help keep your savings safe. This includes:
- Choose a unique password for your pension account, and don’t use it anywhere else
- Turn on two-step verification (2SV) to add an extra layer of security.
- Don’t take the bait. Cold calls, surprise texts or out-of-the-blue emails about pensions are a red flag. These approaches are often illegal and usually scams.
- Get advice first. If you’re thinking about changing your pension, always get impartial guidance or regulated financial advice before making a move.
- Pause before you invest. Ask yourself — are they pushing you to act fast, brushing aside risks, or promising returns that sound too good to be true? If yes, step back. Genuine investment firms won’t pressure you or guarantee impossible returns.
- Do your checks. Look up the firm and adviser on the FCA Register and use the contact details listed there, not the ones you were given. Search for independent reviews and news coverage, and talk it through with a trusted friend or adviser before proceeding.
A few minutes of checking can save your pension. But, if it’s too late and you think you’ve been targeted, report suspicious contact straight away at Action Fraud. If you’ve shared details or made a payment, you should also contact your bank or pension provider immediately. They may be able to stop transactions or secure your account.
Want more tips on spotting scams and keeping your money safe? Visit the Join the Claim campaign hub for straightforward guides on how to protect yourself from fraud and what to do if you’ve been targeted.
