What’s pension fraud? Find out how to keep away from scams as you method 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 subtle and tougher to identify through the pandemic.

The typical loss was £50,949, in response to complaints filed with Motion Fraud, which is greater than double the 2020 determine (£23,689). Pension scams have sadly turn into more and more frequent, with fraudsters in search of out each alternative to rob savers of their pension financial savings.