Pension scam victims 'lose 22 years of savings in 24 hours'

Pension pot loss of £82,000

Sophie King
clock • 2 min read

Pension scam victims could lose an average of 22 years of savings in 24 hours, according to research by the Financial Conduct Authority (FCA) and The Pensions Regulator (TPR).

As part of the regulators' joint ScamSmart campaign, to encourage people to protect their savings, research has revealed it could take a saver 22 years to build a pension pot of £82,000. This was the average amount victims lost to scams in 2018. Nearly one in four people (24%) surveyed admitted to taking 24 hours or less to decide on a pension offer. Even though 63% said they are confident in deciding about their pension, the same proportion would trust someone offering pensions advice out of the blue. TPR and the FCA also found that those with a university degree are 40% more like...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Pensions

How retirement planning has transformed over the past 50 years

How retirement planning has transformed over the past 50 years

PPI report looks at the move from predictable pensions to personal responsibility

Jonathan Stapleton
clock 21 November 2024 • 3 min read
Act now: Planning for retirement is a concern for today

Act now: Planning for retirement is a concern for today

'Don't wait until tomorrow to think about retirement'

Andrew Tully
clock 20 November 2024 • 4 min read
Government publishes Pensions Investment Review interim report and launches DC and LGPS consultations

Government publishes Pensions Investment Review interim report and launches DC and LGPS consultations

Report published as Reeves delivered inaugural Mansion House speech

Jonathan Stapleton
clock 15 November 2024 • 4 min read