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FOI Request Reveals £26.4m Lost to Pension Scams in Past Two Years

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The Pensions Management Institute uncovered data that revealed that there were almost 1,600 reported scams between 2020-2022.

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A Freedom of Information (FOI) request from the Pensions Management Institute (PMI) to the London Police’s National Fraud Intelligence Bureau has revealed that in the years 2020-22, a total of £26,420,172 was lost to pension scams with an average loss of approximately £16.5k.

As part of its campaign to raise awareness around pension schemes, the PMI, the professional body for pensions professionals, released data that painted a shocking picture of the number of pensions-related scams reported in 2020-22.

Unfortunately, the cost-of-living crisis and continued increases in household outgoings have contributed to a rise in pension holders considering accessing their savings early, leaving them vulnerable to scammers.

Commenting on the data, the president of the PMI, Robert Wakefield, said:

“Clearly the cost-of-living crisis has made many people desperate for cash to meet short-term requirements, and it is sobering to note that so many have been prepared to access pension savings early at the cost of longer-term security.”

In 2022, research by the Financial Conduct Authority (FCA), the body responsible for regulating financial markets and service providers, found that a quarter (25%) of savers would consider withdrawing money from their pensions earlier due to the cost-of-living crisis and 44% would take up the offer of a free pension review. Unsolicited pension review offers are a classic scam method by fraudsters trying to access victims’ pension pots.

There is a considerable range of pension scams that unsuspecting savers may be taken in by, and care should be taken before transferring or accessing any pension savings, particularly for investments.

Typical pension-related claims the specialist team at TLW Solicitors regularly advise clients on include:

In the data published by the PMI, the most common type of pension scam was ‘pension liberation fraud’, when victims are convinced to access and transfer their pension pots before retirement (usually around 55) to unregulated schemes.

Whether you have been mis-sold or have been convinced to invest your pension pot in a fraudulent investment, there are several different avenues for pursuing claims, and the team at TLW Solicitors can help you identify options for compensation. As such, it is vital that you act as soon as possible once you suspect there is a problem.

Also, making your own complaint to the company who advised you may trigger certain deadlines. TLW will advise you on the most appropriate avenue, ensuring that any time limits are met and enquiries are dealt with promptly.

If you are concerned that you or a loved one may have been targeted by a pension scam or that the advice you were given relating to investments for your pension pot was unsuitable, resulting in you losing money, get in touch with TLW Solicitors for an initial no-obligation consultation.

Our experienced team may be able to help you recover your losses on a ‘no win, no fee’ basis, even if your financial adviser or the firms you invested in are no longer trading.

Please call us on 0800 169 5925, email info@tlwsolicitors.co.uk or use one of the contact forms below.

It is important to get advice as soon as possible, as strict time limits can apply.

Minimum case values apply.

Meet Our Team

Meet Sarah, who heads up our experienced Authorised Push Payment Fraud Claims team.

Sarah and her colleagues are on hand to help with your claim.