With 253 fraud victims reported to Action Fraud during 2017 and £23 million lost, pension scam artists continue to steal money by luring people by offering unrealistic returns on their pension savings. Over 55s are particularly targeted as they often have larger sums and are particularly attracted by the returns promised to them by fraudsters. A call or email is followed by a convincing story to attract the pension holder. This can be all it takes for the unwary to transfer their life-long savings.

Prevention is key. Before going forward with any such proposal you should check the FCA register to see if a company is authorised. Offers that sound too good to be true often are. They are far more likely to be scams. Take your time when making any pension decision, particularly if you are not sure what you are doing or who you are speaking to. Most importantly, never give any financial information to a cold caller.

To find out more, tune in to Money Talk at 1pm this Friday with Simon Webster. www.channelradio.co.uk/2.