State pensioners have been urged to look over their accounts as you could lose over £33,000. Reporting group Action Fraud has warned that criminals are looking to dupe people into handing over their retirement savings. Fraudsters are targeting people saving up for their retirement or who are claiming their pension benefits, with the average victim losing £33,848 to this type of fraud.
The group found that some £48,129 a day is lost on average to these scams, with more than £17.5million in savings stolen by crooks in 2024. Action Fraud has joined the Pension Scams Action Group to launch a pension fraud awareness campaign, urging people to take action to protect their pension scheme accounts.
People should also be wary of bogus investment schemes, which fraudsters often use as a way to dupe people into handing over thousands of pounds. Action Fraud has been sending out an email sharing some actionable tips to keep your cash secure.
The first tip is to secure your online pension account by creating a unique password. Action Fraud said: « 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 two-step verification. »
Another piece of advice is to ignore unsolicited calls about your pension. This is a telltale sign the enquiry may not be real as it’s illegal to make a cold call about pensions.
The team at Action Fraud said: « If you’re thinking about changing your pension arrangements, you should get financial guidance or advice beforehand. » Pensioners should also be careful not to be rushed into making an investment, as a genuine provider will never pressure you into handing over your cash on the spot.
If you are worried about a suspected pension scam or believe you have been contacted by a scammer, you can report this to Action Fraud by calling 0300 123 2040.
If you have made a payment to a fraudster, inform your bank or pension provider immediately, so they can help you stop any further losses. Action Fraud also encourages people to monitor their bank and pension statements regularly for any unusual activity.
How do I calculate how much I should be getting in state pension payments?
Those receiving the state pension may also want to check they are receiving their payments as usual. You can find out how much state pension you should get using the state pension forecast tool on the Government website.
The full new state pension currently pays £230.25 a week, after payments went up 4.1 percent in April in line with the triple lock. Payments go out in four-weekly instalments, in arrears.
If you have any questions about your state pension, you can call the Pension Service on 0800 731 0469. The line is open Monday to Friday from 8am to 6pm.
