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#FRAUD | Savers and those reaching retirement age are being warned to protect their pensions and look out for criminals trying to catch people out of their life savings, with Action Fraud revealing a total annual loss of £17,567,249 in 2024. Data reveals there were 519 reports of pension fraud in total, with nine of these reported in Derbyshire. In total, £17,567,249 was lost in 2024, with an average loss of £33,848 per person.
How can you protect yourself against Pension fraud?
- Secure your online pension account: the account you use to manage your pension should have a different password to all of your other accounts. Use three random words to create a strong and memorable password, and enable 2-step verification (2SV).
- Ignore unsolicited calls about your pension: cold calling about pensions is illegal and likely a sign of a scam. If you’re thinking about changing your pension arrangements, you should get financial guidance or advice beforehand.
- Investment opportunities: don’t be rushed into making an investment. Remember, legitimate organisations will never pressure you into investing on the spot.
You should treat investment opportunities with extreme caution if there’s:
• pressure to invest (for example: time-limited offers)
• downplayed risk of losing your money • promised returns that sound too good to be true
⛔ Remember to Stop! Think Fraud. If you've made a payment, report it to your bank and pension provider as soon as possible.
If you’re worried about a potential pension scam or you think you may have been contacted by a criminal, report it to Action Fraud at https://actionfraud.police.uk/ or by calling 0300 123 2040. #ProtectYourPension 
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