According to the Pensions Regulator (TPR) and the Financial Conduct Authority (FCA), victims of pension scams could lose 22 years of savings in 24 hours.
In a recent report published jointly by the TPR and the FCA has suggested that it could take up to 22 years for a saver to build a pension pot of £82,000 – the average amount individuals lost to pension scams in 2018.
63% of individuals surveyed stated that they feel confident making pension decisions. However, an additional 63% said that they would trust someone offering pensions advice out of the blue.
Regulators have urged savers to familiarise themselves with the warning signs associated with scams, and to always check who they are dealing with before making any decisions about their pension savings.
Quote from Nigel Holland:
“Be careful when making decisions about your pension pot, stay alert to the warning signs in order to not throw your money away.”