£70,000 lost to pension fraud in Avon and Somerset last year
The force received 11 reports of pension fraud in 2023
Avon and Somerset Police says £70,000 was lost to pension fraud last year.
The force received 11 reports of pension fraud in 2023. New data reveals that nationally the figure was £17.7 million based on 559 reports – an average loss of £46,959 per person.
Fraud is largely underreported, so the actual numbers are likely to be much higher.
Avon and Somerset Police are backing a campaign from national fraud and cybercrime reporting service Action Fraud, warning savers to stay vigilant and protect their pensions and investments.
Fraud Protect Officer Claire Bounds said: “Criminals will go to great lengths to trick anyone out of their money, including their life savings. Pension fraud could be presented as free pension reviews, too good to be true investment opportunities, pension transfer opportunities, or help to release money from your pension, even if you’re under 55."
“We know that losing any sum of money saved for retirement can be devastating so we’re backing the call encouraging the public to do their research before making changes to pension arrangements.
“We recommend avoiding pension or investment options that are offered unexpectedly. Don’t let anyone rush you into making big decisions and seek advice from an independent professional service or trusted family and friends.
“We also know from latest data that the highest number of reported losses come in April when people tend to check their financial position in the new financial year, so keeping a close eye on your pension and investments will help you to spot any irregularities sooner.”